I am progressing with the sale of my flat in Chepstow and the EA has just text me to advise that the buyers are swapping conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Chepstow ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened 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. 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 purchasers are unlikely to have any sway in the decision.
Can the conveyancing solicitors via your comparison service perform attended exchange conveyancing in Chepstow?
We do have a number of conveyancing specialists carrying out 24hr exchanges. You should call us to secure a conveyancing quote and details as to dates.
We just had an offer accepted to buy with Darlington Building Society. I popped in a few high street solicitors but am struggling to find a Chepstow conveyancing firm on the Darlington Building Society approved list. Can you assist?
Feel free to take advantage of the find a lender approved solicitor tool on this page. Pick the lender and type Chepstow or your location and you will be presented with numerous solicitors located in Chepstow or nearest you.
My husband and I are FTB’s - agreed a price, yet the estate agent has warned us that the vendor will only issue a contract if we instruct their recommended conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Chepstow
It is improbable the sellers are behind this. If they want ‘a quick sale', taking such a hostile approach to a genuine purchaser is counter productive. Speak to the vendors direct and explain that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you will continue to appoint your own,trusted Chepstow conveyancing firm - as opposed tothe ones that will provide their negotiator at the agency a commission or meet his conveyancing figures demanded by corporate headquarters.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Chepstow. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Chepstow are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Chepstow so you should seriously consider shopping around for a Chepstow conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I acquired a basement flat in Chepstow, conveyancing was carried out 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Chepstow with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2096
With just 71 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Are the Chepstow conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the mortgage company?
Chepstow law firm practices and firms carrying out conveyancing in Chepstow themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.