I am in the process of selling my home in Caerwent and the estate agent has just e-mailed to say that the purchasers are changing their solicitor. The excuse is that the bank will only engage with solicitors on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Caerwent ?
Lenders have always had an approved set of law firms that can represent 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 worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened 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. 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. Your buyers are unlikely to have any sway in the decision.
Should commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Caerwent?
Its becoming the norm that commercial conveyancing solicitors in Caerwent will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Caerwent. The search result provides definitive data 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 Caerwent.
For each commercial conveyancing transaction in Caerwent it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Caerwent commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Caerwent.
I have justbecome aware that Action Conveyancing have closed. They carried out my conveyancing in Caerwent for a purchase of a leasehold apartment 9 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Caerwent conveyancing specialists.
I'm purchasing my first flat in Caerwent with the aid of help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my lawyer about the extras as it will adversely affect my loan with The Mortgage Works. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I will soon part with 450k on a terraced house in Caerwent I wish to talk to a solicitor regarding thetransaction prior to instructing the firm. Is this something that you can arrange?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you liaising with the conveyancer who will be doing your property ownership legalities in Caerwent.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Caerwent should be the figure that you are charged.
I am a negotiator for a busy estate agent office in Caerwent where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Caerwent conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension process for the buyer?
Provided that 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 am the registered owner of a basement flat in Caerwent, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Caerwent with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2099
With only 74 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.