I am one month into the sale of my ground floor flat in Shrewsbury and the EA has just telephoned to warn that the purchasers are appointing a new property lawyer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Shrewsbury ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Shrewsbury? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lender will also require certain documents to be checked. Should you refuse to provide identification documents, your conveyancer will not be able to take you on as a client.
My uncle informed me that in purchasing a property in Shrewsbury there may be various restrictions prohibiting external alterations to the property. Is this right?
We are aware of a number of properties in Shrewsbury which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Shrewsbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Aldermore, do Shrewsbury property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
The formalities of my purchase has taken place for my property in Shrewsbury. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Will commercial conveyancing searches reveal proposed roadworks that could affect a commercial land in Shrewsbury?
Many commercial conveyancing solicitors in Shrewsbury will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Shrewsbury. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Shrewsbury.
For every commercial conveyancing transaction in Shrewsbury it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Shrewsbury commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Shrewsbury.
I used Arc property Solicitors several years ago for my conveyancing in Shrewsbury. I now require my file but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing 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 Shrewsbury of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am a negotiator for a long established estate agency in Shrewsbury where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Shrewsbury conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1 bedroom flat in Shrewsbury, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Shrewsbury with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2101
With just 75 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.