I am progressing with the sale of my apartment in Swadlincote and the EA has just telephoned to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only work with specific solicitors rather the firm that they want to select for their conveyancing in Swadlincote ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the pruning – 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 claims that it is being contacted daily by practices 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 not going to have any sway in the decision.
We have agreed to purchase a house in Swadlincote. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that your lender is Virgin Money your lawyer must check the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Virgin Money where a lease does not meet these conditions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Swadlincote.
My fiancee and I are at the point of looking at apartments in Swadlincote and I am about to put in an offer. Should I already have a conveyancer appointed at this stage? I am planning to take a home loan with HSBC.
It would be advisable to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are seeking a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Swadlincote property lawyer on the Kent Reliance panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
Just bought a semi-detached house in Swadlincote , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Swadlincote conveyancing solicitor has been very slow, so I want to check the post completion formalities are concluded.
There is nothing unique about conveyancing in Swadlincote registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and if the Land registry communicate with any interested persons or bodies. Currently approximately 80% of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Registration occurs after the new owner has moved in to the property so post completion formalities is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your conveyancer could contact the land registry and explain the circumstances.
Is it possible to switch solicitor as I have to select a firm on the Chelsea Building Society conveyancing list. I hired a high street conveyancing solicitor in Swadlincote five minutes from me but the firm is not accepted by Chelsea Building Society
We will our best to assist in finding you a conveyancing solicitor in Swadlincote on the Chelsea Building Society panel. Please note that the property lawyers that we list do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Swadlincote. In making use of the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Swadlincote.
I am a negotiator for a busy estate agency in Swadlincote where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Swadlincote conveyancing firms. Can you shed some light as to whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I own a 2 bed flat in Swadlincote, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding flats in Swadlincote with an extended lease are worth £192,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2076
With 54 years unexpired the likely cost is going to span between £32,300 and £37,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
What are the compelling benefits to selecting a local conveyancer in Swadlincote
Lots of house movers in Swadlincote choose a nearby high street conveyancer so that they can visit in the event that they have problems, and to deliver mortgage deeds rather taking the chance of depending on the post.
We would allege that there exists a distinct benefit when selecting a lawyer nearby to a house you are hoping to purchase, due to the familiarity of the locality and potential local issues - however this is debatable. Many conveyancers are now online and may be any place in the world.