I am nearing exchange of contracts for my apartment in Chatham and the estate agent has just text me to warn that the purchasers are changing their conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Chatham ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any impact on this.
Are the BSA planning on creating a searchable register to to identify firms on the Darlington Building Society conveyancing panel for instance in Chatham?
We are not aware of any plans on the part of the BSA to promote such a register.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Chatham is where the house is located. What do you suggest?
Flying freeholds in Chatham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chatham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chatham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I was recommended by a few estate agents in Chatham to locate a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to promote your lawyers ahead of another?
We don’t offer any commission for pointing buyers and sellers our way. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I've recently bought a leasehold property in Chatham. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 2 bed flat in Chatham, conveyancing formalities finalised January 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Chatham with an extended lease are worth £211,000. The ground rent is £45 per annum. The lease ends on 21st October 2093
You have 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
What do I do if I am dissatisfied with the solicitor who did our conveyancing in Chatham?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that every so often matters do not go as planned. Nevertheless there is recourse if you were not happy with your conveyancing in Chatham. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their governing body. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.