I am selling my flat in Borrowash and the estate agent has just e-mailed to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Borrowash ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. The purchasers are not going to have any impact on this.
The owners of the house we are hoping to buy have instructed a conveyancing practitioner in Borrowash who has suggested a preliminary contract with a payment 10k. Is it wise to enter into such agreements?
This form of contract isn't frequently used in Borrowash, conveyancers are often inclined to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no assurance that just because the owner has executed an exclusivity agreement they will sell to you. They may be motivated to break the contract if they are offered a big enough offer to do so because a wronged party with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and this may not amount to the financial upside that your seller may obtain by breaching the agreement, no matter how morally shameful the behaviour is.
We are getting the release of further monies on our mortgage from Coventry BS as we want to conduct improvements to our property in Borrowash. Do we need to choose a bricks and mortar Borrowash solicitor on the Coventry BS conveyancing panel to deal with the paperwork?
Coventry BS would not normally instruct firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
I'm spending time looking at apartments in Borrowash and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Bank of Ireland.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are getting a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
My offer on a house in Borrowash has been accepted, but there is a chain. The sellers have offered on on an apartment, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Borrowash. What should be my next step? At what point do I apply for the mortgage with Virgin Money?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Borrowash conveyancing search charges, etc). The first thing to do is ensure that your property lawyer is on the Virgin Money conveyancing panel. As to the subsequent steps this very much depends on the specifics of your transaction, desire for this property and on the state of the market. During a buoyant market many home buyers will apply for the mortgage with Virgin Money and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Borrowash.
The deeds to our home are lost. The solicitors who handled the conveyancing in Borrowash 5 years ago no longer exist. Will I be able to sell the house?
These day there are copies made of almost everything, and your conveyancer should be aware precisely where to find all the appropriate paperwork so you can buy or sell your property without a hitch. If duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on your premises.
Am I right to be suspicious by third parties that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Borrowash conveyancing practice?
As is the case with many professional services, often input from family and friends can be worth their weight in gold. But there are many parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may put forward conveyancers to instruct. On occasion the lawyers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the right to select your own conveyancer. However, bear in mind that some banks specify a panel list of solicitors you must use for the lender related work in your transaction.
What are the frequently found deficiencies that you witness in leases for Borrowash properties?
There is nothing unique about leasehold conveyancing in Borrowash. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision to repair to or maintain elements of the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Barnsley Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I purchased a split level flat in Borrowash, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Borrowash with an extended lease are worth £190,000. The ground rent is £65 yearly. The lease runs out on 21st October 2087
You have 61 years unexpired the likely cost is going to span between £18,100 and £20,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.