I am in the process of selling my house in Crosby and the EA has just telephoned to say that the buyers are swapping solicitor. The excuse is that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only deal with specific law firms rather the firm that they want to select for their conveyancing in Crosby ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 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 buyers are not going to have any impact on this.
Can I be sure that the Crosby conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Crosby seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor conducting your conveyancing.
My husband and I are in the process of looking at houses in Crosby and I am about to put in an offer. Is it wise to have a lawyer on ‘stand by’? I am planning to take a home loan with Leeds Building Society.
It would be advisable to start 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 pass their details on to the EA. Given that you are getting a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Crosby building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Crosby conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their published requirements. Who do I believe?
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are downsizing from our house in Crosby and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A high street Crosby lawyer would know that there is no such problem. It does beg the question why the purchasers used a national conveyancing practice rather than a conveyancing solicitor in Crosby. Having lived in Crosby for six years we know that this is a non issue. Do we contact our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Crosby is the location of the property. Can you offer any advice?
Flying freeholds in Crosby are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Crosby you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crosby may ascertain 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.
In my capacity as executor for the will of my father I am selling a property in Cardiff but reside in Crosby. My lawyer (based 200 miles awayneeds me to execute a stat dec before completion. Can you recommend a conveyancing solicitor in Crosby to witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are Crosby based
We expect to complete the sale of our £325,000 maisonette in Crosby next Thursday. The management company has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Crosby?
Crosby conveyancing on leasehold maisonettes usually requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are entitled to levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I invested in buying a studio flat in Crosby, conveyancing formalities finalised February 1995. How much will my lease extension cost? Equivalent flats in Crosby with a long lease are worth £192,000. The ground rent is £55 yearly. The lease expires on 21st October 2078
You have 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should 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.