I am nearing exchange of contracts for my ground floor flat in Barrowden and the EA has just telephoned to say that the buyers are changing their solicitor. The excuse is that the lender will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Barrowden ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. 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. Your purchasers are not going to have any impact on this.
Me and my fiancee are acquiring our first property. The lawyer has contact usto ask if we would like to purchase supplemental conveyancing searches. We are really unsure what's recommended for conveyancing in Barrowden
The quantity and type of Barrowden conveyancing searches depends primarily on the property, the location, the probability of any of these risks, your knowledge of the region and risks, your general appetite to risk. What is important is that you adequately appreciate what information each search could supply. Then you can decide if you consider that you need that search. Where you are unclear, ask your property lawyer to offer guidance.
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Barrowden with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who did the conveyancing in Barrowden 10 years ago no longer exist. What do I do?
These day there are copies made of almost everything, and your conveyancer will be aware precisely where to look for all the suitable documentation so you may buy or sell your house without a hitch. Where copies can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities against future claims on your premises.
How does conveyancing in Barrowden differ for new build properties?
Most buyers of new build or newly converted property in Barrowden contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Barrowden tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Barrowden or who has acted in the same development.
I wish to rent out my leasehold flat in Barrowden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Barrowden conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or other appropriate person prior to subletting. This means that you cannot sublet without prior permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I invested in buying a studio flat in Barrowden, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Barrowden with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease expires on 21st October 2089
With just 64 years left to run the likely cost is going to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should 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.