I am in the process of selling my ground floor flat in Bacup and the estate agent has just text me to say that the purchasers are swapping law firm. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Bacup ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies 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 keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are unlikely to have any sway in the decision.
I require expedited conveyancing in Bacup as I am under a deadline to exchange contracts within one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are not getting a mortgage you have the choice not to have searches carried out although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Bacup the following are instances of issues that can arise and therefore impact the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...
I purchased my flat on 5 June and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Bacup said it will be dealt with in a couple of weeks. Are titles in Bacup particularly slow to register?
There is nothing unique when it comes to conveyancing in Bacup registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. Currently approximately three quarters of such applications are completed in less than three weeks but some can be subject to longer hold-ups. Registration is effected after the buyer is living at the premises so 'speed' is not typically top priority but where there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying a new build house in Bacup benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The property agent told me not inform my solicitor about the deal as it may impact my loan with National Westminster Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 am using a search engine for the term cheap conveyancing in Bacup it brings up numerous property lawyersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for the sale of my house?
The preferential way of finding a suitable conveyancer is through a personal recommendation, so ask friends and relatives who have purchased a property in Bacup or the reputable estate agent or financial adviser. Fees for conveyancing in Bacup vary, so it's sensible to obtain a minimum of three fee calculations from varying types of law firms. Make sure that you know that the costs are assured not to escalate.
My wife and I purchased a leasehold house in Bacup. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Bacup who acted for me is not around. Any advice?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Bacup conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a split level flat in Bacup, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Bacup with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2091
You have 66 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.