I am in the process of selling my ground floor flat in Brewood and the EA has just telephoned to say that the purchasers are switching law firm. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Brewood ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few 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.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are unlikely to have any sway in the decision.
We note that you have a search directory identifying solicitors on the Nationwide conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Brewood?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Brewood.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Brewood so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for mortgage companies undertake all of the communications through the post, e-mail or over the phone. This enables them to undertake the conveyancing transaction no matter where you live in the country. That being said you should see if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
My wife and I are purchasing a flat in Brewood. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to send our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We had selected conveyancers based in Brewood on the Yorkshire BS solicitor panel. They have just invoiced me a supplemental charge for the legal aspects of the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your conveyancer can levy a fee for this. The fee is not dictated by Yorkshire BS but by your Brewood conveyancing practitioner. Numerous firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
I had a mortgage agreed in principle with Lloyds. Brewood conveyancing lawyers have been appointed. How long does it take for Lloyds to issue the offer to the conveyancer?
There is no definitive answer here. Have Lloyds done the survey? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The deeds to our home can not be found. The solicitors who did the conveyancing in Brewood 4 years ago are no longer around. What do I do?
You no longer need to have the physical deeds to establish that you are the registered proprietor of land or property, given that the Land Registry hold details of all registered land or property electronically.
Due to exchange soon on a ground floor flat in Brewood. Conveyancing lawyers have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Brewood should include some of the following:
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Does the lease prohibit wood flooring? Details of the parties to the lease, e.g. these could be the leaseholder, superior lessor, freeholder Advice as to the provision as set out in the lease to pay service charges - in respect of the block, and the wider rights a tenant enjoys How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark You would want to receive a copy of the lease
I invested in buying a 1 bedroom flat in Brewood, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Brewood with an extended lease are worth £170,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2104
With just 78 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.