I am progressing with the sale of my maisonette in Buckingham and the estate agent has just called to warn that the purchasers are changing their conveyancer. The excuse is that the bank will only work with solicitors on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Buckingham ?
Banks have always had panels of law firms they are content to work with, 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 decades.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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. The buyers are unlikely to have any sway in the decision.
The vendors of the home we are hoping to buy have appointed a conveyancing practitioner in Buckingham who has suggested a lock out agreement with a down payment 6,000. Are such agreements sensible?
This form of arrangement is unusual in Buckingham, conveyancers will often encourage clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no assurance that just because the vendor has executed a lock out contract they will complete the sale with you. They may breach the agreement if they receive a big enough financial inducement to do so because an aggrieved claimant with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and these may not compare to the extra amount that your seller may secure by reneging on the agreement, no matter how morally reprehensible that may be.
Do I need to attend the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Buckingham so that I can attend their offices if required.
Most approved lawyers for banks conduct the vast majority of communications through the post, internet or over the phone. This enables them to carry out the conveyancing transaction regardless of where you live in the country. Nevertheless you can see if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Buckingham?
Many commercial conveyancing solicitors in Buckingham will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Buckingham. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Buckingham.
For each commercial conveyancing transaction in Buckingham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Buckingham commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Buckingham.
Due to the guidance of my in-laws I had a survey completed on a house in Buckingham in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to issue a loan on such a house.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Buckingham. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agent office in Buckingham where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Buckingham conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a basement flat in Buckingham, conveyancing formalities finalised November 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Buckingham with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2086
With only 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.