I am selling my home in Bagshot and the estate agent has just telephoned to advise that the purchasers are switching law firm. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Bagshot ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies justify 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 maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 impact on this.
When scouring online forums for a recommended lawyer in Bagshot, many comment that I should use a CQS kitemarked solicitor. Can you explain what CQS is?
Bagshot Conveyancing Quality Scheme practices have been granted accreditation under the Law Society's Scheme (CQS) The Law Society created CQS to promote high standards in the home legal process. CQS enables buyers and sellers to identify practices that provide a quality residential conveyancing. Bagshot is one of locations in England and Wales in which CQS are located. The conveyancing scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Bagshot is the location of the property. Can you offer any opinion?
Flying freeholds in Bagshot are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bagshot you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bagshot may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am four weeks into a residential purchase having been directed to a firm by the high street agent to do our conveyancing in Bagshot. I am am very disappointed with the quality of service. Could you help me find new lawyers?
A lawyer would have to be really poor to suggest changing them. Has the loan offer been sent? In the event that it has you must make them aware of the new lawyer and ensure the loan are re-sent. Your solicitor ideally should be on the banks panel to avoid supplemental charges and complications. That should be your starting point. Our search tool should help you find a bank approved conveyancer for your home move in Bagshot
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bagshot. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bagshot ?
The majority of houses in Bagshot are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Bagshot in which case you should be shopping around for a Bagshot conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I invested in buying a garden flat in Bagshot, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable properties in Bagshot with an extended lease are worth £195,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2087
With 63 years remaining on your lease the likely cost is going to be between £16,200 and £18,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Finally our conveyancing in Bagshot is set to complete on Friday, yet the couple I am purchasing off has asked to move out 24 hours later at PM. Can I accept this?
Where you are having a bank loan then your conveyancer will require that you have vacant possession on Friday - the bank will insist on it.