I am nearing exchange of contracts for my flat in Shenley and the EA has just e-mailed to say that the purchasers are switching solicitor. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a major lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Shenley ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
Why is leasehold purchase conveyancing in Shenley is more expensive?
The conveyancing costs on a leasehold property in Shenley is often more expensive than on a freehold transaction. This is due to the extra investigations required in dealing with the freeholder and management company to collate the information concerning whether the rent and maintenance charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the building.
My husband and I are buying a 2 bedroom apartment in Shenley with a residential mortgage from Skipton Building Society.We have a Shenley conveyancing lawyer but Skipton Building Society says her practice is not on their approved list of firms. We have to appoint a Skipton Building Society panel lawyer or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Skipton Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you contains terms and conditions, one of which will be that conveyancers will be on the Skipton Building Society conveyancing panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Skipton Building Society
I used Stirling Law several years ago for my conveyancing in Shenley. Now, I need the files but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Shenley of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build flat in Shenley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shenley
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan.
I am looking for a leasehold apartment up to £305k and identified one close by in Shenley I like with open areas and railway links in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Shenley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.