I am 4 weeks into the sale of my home in Aston and the estate agent has just called to advise that the purchasers are swapping property lawyer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a leading lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Aston ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The buyers are unlikely to have any sway in the decision.
Me and my partner are buying our first house. Our conveyancing practitioner has contact usto see if we want to take out additional conveyancing searches. We are really unsure what's appropriate for conveyancing in Aston
The range of Aston conveyancing searches depends entirely on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall attitude to risk. What matters is that you adequately appreciate what information each search could provide. Then you can make a decision if you personally think you need that search. Where you are unsure, ask the property lawyer to provide guidance.
I used Wolstenholmes several years past for my conveyancing in Aston. Now, I need my files however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Aston of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build house in Aston with a mortgage from Lloyds TSB Bank. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my conveyancer about this side-deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently bought a leasehold property in Aston. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 basement flat in Aston, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Aston with over 90 years remaining are worth £227,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2098
With 72 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered 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 without first getting professional advice.
What do I do if I am unhappy with the lawyer who handled my conveyancing in Aston?
Occasionally the level of service you receive is not as you expect, and unfortunately every so often matters do not go as planned. That being said there is recourse if you were dissatisfied with your conveyancing in Aston. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their governing body. If you remain aggrieved you may consider enlisting the help of the Legal Ombudsman.