Unfortunately I am unable to travel far from Cotswolds. What is the rationale as to why all Cotswolds lawyers aren't included on all lender panels?
As inequitable as it may appear for banks to limit who can represent them, from the public’s or lawyer’s perspective, the other side of the coin is that banks are becoming ever more anxious and regard it crucial to shield themselves from illegal activities. As a result of this concern banks have reduced their conveyancing panel to a size that they are happy to control.
Do the Building Society Association intend to launch a search tool with a view to list practices on the Norwich and Peterborough Building Society conveyancing panel for instance in Cotswolds?
We are not aware of any intention on the part of the BSA to develop such a search facility.
Forgive me if this question is silly but I am new to the process as a 1st time purchaser of a ground floor flat in Cotswolds. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Cotswolds?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be able to pick up the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
When it comes to mortgage companies such as Barclays, do Cotswolds property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am expecting a AIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Cotswolds solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Cotswolds solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
We're novice buyers - agreed a price, but the estate agent informed us that the owners will only proceed if we use the agent's preferred conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a family solicitor who is accustomed to conveyancing in Cotswolds
It is highly unlikely the sellers are driving this. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Contact the owners directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to use your own,trusted Cotswolds conveyancing lawyers - as opposed tothe ones that will provide their negotiator at the agency a commission or hit his conveyancing thresholds demanded by senior management.
I am employed by a reputable estate agent office in Cotswolds where we see a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Cotswolds conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I own a ground floor flat in Cotswolds, conveyancing having been completed half a dozen years ago. 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? Comparable flats in Cotswolds with over 90 years remaining are worth £196,000. The ground rent is £45 yearly. The lease runs out on 21st October 2090
With 64 years remaining on your lease the likely cost is going to range between £15,200 and £17,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
We are expecting to exchange on the purchase a property in Cotswolds but as a result of damage from the recent storms I have agreed recompense from the current proprietors of £2k by way of a adjustment in the price. This was going to be addressed as part of the conveyancing process yet my bank will not agree to this. Should they have been approached?
Your conveyancing practitioner being on the bank conveyancing panel is required to inform the lender of any changes to the sale figure. In the event that you were to refuse your property lawyer to report the price change to your bank then they would have no choice but to refrain from representing you and the lender.