I am nearing exchange of contracts for my home in Brislington and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Brislington ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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 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 purchasers are unlikely to have any impact on this.
My property lawyer in Brislington is not listed on the Coventry Building Society Solicitor Panel. Can I still retain my prefered solicitor notwithstanding that they are not on the Coventry Building Society approved list?
Your options are as follows:
- Complete the purchase with your preferred Brislington solicitors but Coventry Building Society will need to retain a conveyancer on their panel. This will inevitably rack up the overall conveyancing charges as well as cause frustration.
- Find an alternative practitioner to act in the conveyancing, remembering to check they are on the Coventry Building Society panel
Me and my partner are buying a flat in Brislington. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to deposit funds into their account. What protection do we have from them run away with our monies?
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 expect to receive a OIP from UBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do UBS recommend any Brislington solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Brislington solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I have paid off my mortgage with RBS. I assume I don't need a Brislington conveyancer on the RBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
About to purchase a new build flat in Brislington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Brislington
-
Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been recommended by numerous estate agents in Brislington to find a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your site over alternative conveyancing organisations?
We don’t make any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Expecting to complete next month on a ground floor flat in Brislington. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Brislington should include some of the following:
-
The total extent of the demise. This will be the flat itself but could also include a roof space or storage are if relevant. You must be advised what is to be regarded as a Nuisance in the lease The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Will you be prohibited or prevented from having pets in the property? Information as to the provision in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a leaseholder enjoys
I invested in buying a basement flat in Brislington, conveyancing having been completed August 2012. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Brislington with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2104
With just 79 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.