I am in the process of selling my apartment in Birmingham and the EA has just telephoned to say that the purchasers are changing their conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a big named lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Birmingham ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – 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. 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 buyers are unlikely to have any sway in the decision.
Do the conveyancing lawyers highlighted through your ’find a lawyer’ tool perform right to buy conveyancing in Birmingham?
We have identified numerous conveyancing conveyancers who can conduct right to buy conveyancing You should get in touch with us to obtain a costs illustration.
Please explain the implications if my solicitor is suspended from the Skipton Conveyancing panel ahead of completing my conveyancing in Birmingham?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who conducted the conveyancing in Birmingham 5 years ago have long since closed. What are my options?
Assuming you have a registered title the information relating to your ownership will be evidenced by HMLR with a Title Number. It is possible to perform a search at the Land Registry, identify your house and secure up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
I am buying my first flat in Birmingham with a mortgage from Santander. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not to tell my solicitor about this deal as it could put at risk my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What makes a Birmingham lease problematic?
There is nothing unique about leasehold conveyancing in Birmingham. Most leases are drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
-
Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the premises
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Virgin Money, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I own a basement flat in Birmingham, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable flats in Birmingham with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2094
You have 69 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.