I am in the process of selling my house in Burscough and the estate agent has just e-mailed to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Burscough ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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. The purchasers are unlikely to have any sway in the decision.
Me and my fiancee are purchasing our first house. Our conveyancer has messagedto see if we want to take out extra conveyancing searches. We are really unsure what's relevant for conveyancing in Burscough
The quantity and type of Burscough conveyancing searches should be dictated primarily on the premises, the location, the probability of any of these risks, your familiarity of the region and risks, your general attitude to risk. What is important is that you properly comprehend what information each search could provide. Then you can decide if you personally think you need that search. If unclear, ask the lawyer to advise.
My Solicitor in Burscough is not on the Barclays Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are not on the Barclays panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Burscough lawyers but Barclays will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing charges and cause frustration.
- Choose a new solicitor to act in the conveyancing, not forgetting to check they are Convince your lawyer to do everything within their powers to join the Barclays conveyancing panel
This question may be naive but I am unexperienced as a first time buyer of a garden flat in Burscough. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will appoint a High Street conveyancing solicitor in Burscough?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's lawyers, and once they have received this, you will be invited to collect the keys from the Estate Agents and move into your new home. Usually this happens early afternoon.
My wife and I are spending time viewing apartments in Burscough and I am now considering a potential offer. Is it sensible to have a conveyancer on ‘stand by’? I intend to finance via a mortgage with Yorkshire BS.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
After weeks of negotiation I have agreed a price on a house in Burscough. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What does a local search inform me about the house I am buying in Burscough?
Burscough conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance PSG The local search plays an important part in most Burscough conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Back In 2002, I bought a leasehold house in Burscough. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Burscough who previously acted has long since retired. What should I do?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Burscough conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a leasehold flat in Burscough, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Burscough with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2093
With 68 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other 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 placing reliance on this information before seeking the advice of a professional.