I am selling my maisonette in Silverdale and the EA has just e-mailed to say that the buyers are appointing a new solicitor. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Silverdale ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened 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. Some 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 buyers are not going to have any sway in the decision.
Finally the sale completed on my house in Silverdale last June yet the purchaser is telephoning me to moan that his conveyancer is waiting to hear from myconveyancer. What should my lawyer have done now that I have sold?
Following your sale your conveyancer should send the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. If applicable, your conveyancer must also evidence that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There is unlikely to be post completion formalities peculiar conveyancing in Silverdale.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Silverdale?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Silverdale. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My company is hoping to lease a unit on the high street. Can you recommend conveyancers offering no-sale-no costs for commercial conveyancing in Silverdale for under £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Silverdale, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right lawyer. Regarding the costs these will vary based on the structure and terms of the deal. Please provide us with your details or call so as to enable us to supply you with comprehensive commercial conveyancing quote.
I am looking at a two maisonettes in Silverdale both have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Silverdale. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena.
Leasehold Conveyancing in Silverdale - Sample of Questions you should ask Prior to Purchasing
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Are there any major works anticipated that will add a premium to the service fees? Many Silverdale leasehold flats will be liable to pay a service bill for maintenance of the building invoiced on behalf of the freeholder. Should you buy the apartment you will have to pay this contribution, normally periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a significant sum, say about £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds.
Developers have put forward a conveyancer and I've received an estimate from them. They are nearly £250 less expensive than my family Silverdale property lawyer. Should I use them?
Housebuilders often have panels of lawyers who expedite matters and who know the builder's documentation and conveyancer. As many developers offer an incentive to select a preferred conveyancing practitioner for this reason, any increased fees can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the transaction stall when they want exchange within a tight deadline. The argument for not opting for the recommended solicitor is that they may be reluctant to fight for your interests at the risk of alienating the sellers. Where you have concerns that this may be the situation you should remain with your high street Silverdale conveyancing practitioner.