I am nearing exchange of contracts for my house in Buntingford and the estate agent has just e-mailed to say that the purchasers are appointing a new property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Buntingford ?
Lenders 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 represented them for decades.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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. The buyers are unlikely to have any sway in the decision.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial property in Buntingford?
Many commercial conveyancing solicitors in Buntingford will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Buntingford. 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 Buntingford.
For each commercial conveyancing transaction in Buntingford it is critical 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 cause delays to Buntingford commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Buntingford.
Am I right to be concerned by 3rd parties that I am dealing with are recommending a national conveyancing firm as opposed to a High Street Buntingford conveyancing practice?
As is the case with many professional services, often suggestions from connections can be worth their weight in gold. But there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks might all suggest conveyancers to appoint. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to appoint your preferred conveyancer. However, bear in mind that the majority of banks have an approved list of law firms you are obliged to use for the mortgage related work in your conveyancing.
As co-executor for the will of my grandfather I am selling a property in Newport but live in Buntingford. My solicitor (based 250 miles from meneeds me to sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Buntingford to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are based in Buntingford
Can you provide any top tips for leasehold conveyancing in Buntingford with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Buntingford can be avoided if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers’ representatives. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Buntingford leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. Should you fail to have the paperwork in place do not contact the landlord without checking with your conveyancer in the first instance. If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. Some Buntingford leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I inherited a garden flat in Buntingford, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Buntingford with an extended lease are worth £206,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2091
With 66 years left to run the likely cost is going to be between £12,400 and £14,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
I am considering instructing an online conveyancing practitioner as opposed to a Buntingford conveyancing firm. Any advice?
There are advantages of being able to pop in to a local Buntingford conveyancing solicitor for example
- signing papers on short notice
- sometimes being able to speak to someone face-to-face can make a significant difference, particularly for non-standard transactions
- the ability to raise concerns if things go pear-shaped
When analysing estimates, look carefully for hidden extras. Most decent Buntingford high street solicitors give an all-inclusive price. Many online companies appear to offer discounted fees, yet have burried 'extras' in the small print.