I am five weeks into the sale of my home in Small Heath and the EA has just called to say that the buyers are switching solicitor. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Small Heath ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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. Your purchasers are unlikely to have any sway in the decision.
We are acquiring our first house. The property lawyer has messagedto check if we wish to take out additional conveyancing searches. We are really unsure what's appropriate for conveyancing in Small Heath
The extent of Small Heath conveyancing searches should be dictated primarily on the property, the location, the possibility of any of these risks, your familiarity of the region and risks, your overall approach to risk. What matters is that you adequately appreciate what information the searches could provide. You may then make a decision if you personally think you need that search. If unclear, ask the conveyancer to explain.
My husband and I intend to purchase a newly converted apartment in Small Heath with a loan from HSBC Bank.We would like to retain our Small Heath conveyancing solicitor but HSBC Bank says he's not on their approved list of firms. we are left little option but to use a HSBC Bank panel firm or keep our high street solicitor and fork out for a HSBC Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you contains various provisions, one of which will be that conveyancers must be on the HSBC Bank conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Small Heath I like with open areas and railway links in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Small Heath in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Having had my offer accepted I require leasehold conveyancing in Small Heath. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Small Heath - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a basement flat in Small Heath, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Small Heath with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2085
You have 59 years unexpired the likely cost is going to be between £20,900 and £24,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
I am soon to complete on the purchase a property in Small Heath but as a consequence of damage from the recent storms I have agreed recompense from the seller of four thousand pounds by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but my mortgage company will not agree to this. Should they have been approached?
Your conveyancing practitioner being on the lender conveyancing panel is obliged to advise the bank of any variations to the sale amount. If you prohibit your conveyancing practitioner to notify the reduction to your lender then they would have no choice but to discontinue representing you and the bank.