I am five weeks into the sale of my apartment in Benton and the estate agent has just called to advise that the buyers are switching solicitor. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a major lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Benton ?
UK lenders have always had panels of law firms they are content to work with, 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 25 years.
Lenders blame a rise in fraud as the reason 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 claims that 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 not going to have any sway in the decision.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Benton?
Two types of professional can carry out conveyancing in Benton namely licenced conveyancers or solicitors. The two can administer conveyancing services that you need to complete the sale or acquisition of property. They are both duty bound to conduct Benton conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be professionally administered and that all requisite steps should be accurately adhered to.
My aunt informed me that in purchasing a property in Benton there may be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Benton which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Benton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The mortgage over my property is with Skipton for my property in Benton. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton prior to renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
How does conveyancing in Benton differ for new build properties?
Most buyers of new build or newly converted property in Benton contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Benton usually buy the real estate, 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 conveyancing solicitors 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 Benton or who has acted in the same development.
I opted to have a survey done on a property in Benton before appointing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some banks will not grant a loan on such a property.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Benton. Conveyancing may be slightly more expensive based on your lender's requirements.
My step-father has urged me to use his lawyers for conveyancing in Benton. Do I take his guidance?
There are no two ways about it the best way to select a conveyancing lawyer is to get referrals from friends or family who have experience in using the solicitor you're contemplating using.
Can you offer any advice when it comes to finding a Benton conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Benton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Benton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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If the firm is not ALEP accredited then why not? How many lease extensions have they carried out in Benton in the last twenty four months?
I am the registered owner of a 1 bedroom flat in Benton, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Benton with a long lease are worth £207,000. The average or mid-range amount of ground rent is £60 per annum. The lease finishes on 21st October 2082
With 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.