I am selling my house in Banwell and the estate agent has just called to warn that the buyers are switching law firm. The excuse is that the lender will only work with property lawyers on their approved list. Why would a leading mortgage company only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Banwell ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last 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 many years.
Banks blame a rise in fraud as the reason for the pruning – 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 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 purchasers are unlikely to have any sway in the decision.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Banwell is the location of the property. Can you offer any opinion?
Flying freeholds in Banwell are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Banwell you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Banwell 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 residence.
How difficult is it to change solicitor as I have to select a firm on the Nationwide Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Banwell five minutes from me but he is not approved by Nationwide Building Society
We will our best to assist in finding you a conveyancing solicitor in Banwell on the Nationwide Building Society panel. Please note that the conveyancers that we list do not pay us a referral fee if you instruct them and are regulated by the SRA who regulate all conveyancing solicitors in Banwell. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Banwell.
I need to instruct a conveyancing solicitor for purchase conveyancing in Banwell. I have land on a site which seems to have the perfect offering If it is possible to get all the legals completed via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Banwell. I need to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. On the whole a specialist would be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Banwell.
I own a garden flat in Banwell, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Banwell with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2088
With just 62 years remaining on your lease we estimate the premium for your lease extension to span between £17,100 and £19,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
We have instructed a Banwell conveyancing solicitor for our home move (novice purchasers) and have spotted in the terms and conditions that they are not governed by the Financial Conduct Authority. Am I right to be concerned or is that the norm with solicitor?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are governed by the SRA, who have strict stipulations covering funds deposited by them.