I am one month into the sale of my home in Bedmond and the estate agent has just called to say that the purchasers are appointing a new property lawyer. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Bedmond ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute 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 maintain. Banks tend not to reveal 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. The buyers are unlikely to have any sway in the decision.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Bedmond. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I do know about the CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in June. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. Most banks would take a pragmatic view as this clause principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
I am due to exchange contracts on my apartment. I had a double glazing fitted in April 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being pedantic. The Bedmond solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told three weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Bedmond is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Bedmond I like with amenity areas and railway links nearby, the downside is that it only has 51 years on the lease. There is not much else in Bedmond for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
As co-executor for the will of my father I am disposing of a property in Cardiff but live in Bedmond. My conveyancer (who is 260 miles from meneeds me to sign a stat dec ahead of completion. Can you recommend a conveyancing lawyer in Bedmond who can attest this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Bedmond based
Do you have any top tips for leasehold conveyancing in Bedmond with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bedmond can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved. You believe that you know the number of years left on your lease but it would be advisable double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many freeholders or managing agents in Bedmond levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bedmond.
I bought a split level flat in Bedmond, conveyancing was carried out October 2009. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bedmond with a long lease are worth £260,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2100
With just 74 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
We have an offer in principle from Britannia who have advised we could borrow up to £218k. When do I need to appoint a practitioner for conveyancing? Bedmond is where we plan to move to.
You can instruct a solicitor now so that the solicitor can open the file so they can do their AML checks etc. Once you wish them to start work you will be asked for a payment on account normally approximately £175. That would normally be after you have the mortgage offer and valuation results, but should you want to speed matters you can start the ball rolling quicker albeit risking some expense.