I am one month into the sale of my house in Biddenham and the estate agent has just telephoned to advise that the purchasers are swapping property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Biddenham ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened 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 claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 unlikely to have any sway in the decision.
I am hoping to move into my new home in Biddenham next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Biddenham.
I had intended to instruct a property lawyer in Biddenham for our home move. Our broker informed us that our mortgage company TSB won't deal with them. Surely this is unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Biddenham conveyancing firms would have been on many lender panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Biddenham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Biddenham is one of the hundreds of locations where the lawyers we recommend are members of the panel for TSB.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Biddenham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Biddenham
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am attracted to a couple of maisonettes in Biddenham both have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I purchased a 1st floor flat in Biddenham, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Similar flats in Biddenham with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2094
With just 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above 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. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Are Biddenham conveyancing solicitors under an obligation to the Law Society to supply transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Biddenham or or elsewhere in the country.