I am nearing exchange of contracts for my maisonette in Tewkesbury and the estate agent has just e-mailed to advise that the buyers are appointing a new solicitor. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Tewkesbury ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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 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 purchasers are not going to have any sway in the decision.
Do all mortgage companies provide you with an approved list of Tewkesbury conveyancing solicitors? How do you know who is on the Barclays conveyancing panel?
Tewkesbury conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
Me and my brother purchased a 4 bedroom Georgian house in Tewkesbury. Conveyancing solicitor acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Tewkesbury and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who conducted the work.
How does conveyancing in Tewkesbury differ for new build properties?
Most buyers of new build premises in Tewkesbury come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Tewkesbury typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Tewkesbury or who has acted in the same development.
Given that I will soon part with over three hundred thousand on a house in Tewkesbury I would like to have a conversation with the solicitor about myhome move prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your property ownership legalities in Tewkesbury.There is no ‘factory style conveyancing’ - each client is an important person, not a matter number. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Tewkesbury should be the figure that you end up paying.
I've recently bought a leasehold house in Tewkesbury. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a studio flat in Tewkesbury, conveyancing having been completed in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Tewkesbury with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2075
With just 54 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.