I am progressing with the sale of my ground floor flat in West Bromwich and the EA has just telephoned to say that the buyers are swapping conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to choose for their conveyancing in West Bromwich ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – 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 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. The purchasers are unlikely to have any impact on this.
The West Bromwich conveyancing solicitors that just started acting on my house acquisition in West Bromwich have without warning shut down. I only went with them because I had to have a solicitor on the Aldermore conveyancing panel and my previous West Bromwich lawyer was not. I wrote them a cheque for two hundred pounds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in West Bromwich I like with open areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in West Bromwich suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
In what way can the Landlord & Tenant Act 1954 impact my business premises in West Bromwich and how can your lawyers assist?
The particular law that you refer to affords protection to commercial lessees, granting the right to make a request to court for a renewal tenancy and remain in occupation at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. West Bromwich is one of the hundreds of locations in which our lawyers are located
Am I better off to instruct a West Bromwich conveyancing practitioner based in the area that I am purchasing? An old friend can execute the conveyancing however they are based 400miles drive away.
The primary upside of using a local West Bromwich conveyancing practice is that you can drop in to sign paperwork, deliver your ID and pester them where appropriate. Having local West Bromwich know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should trump using an unknown West Bromwich conveyancing lawyer just because they are based in the area.
Can you offer any advice when it comes to choosing a West Bromwich conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a West Bromwich conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non West Bromwich conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then what is the reason? What are the legal fees for lease extension work?
Leasehold Conveyancing in West Bromwich - A selection of Questions you should consider before buying
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Is anyone aware of any major works anticipated that will add a premium to the service charges? Is there a share of the freehold? Its a good idea to find out as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the tidiness of the common parts. You should not be shy to ask prospective neighbours if they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.