I am in the process of selling my ground floor flat in Endon and the EA has just text me to advise that the purchasers are swapping law firm. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a leading lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Endon ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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. 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 unlikely to have any impact on this.
I am buying a new build flat in Endon. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Endon you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Endon.
I have been on the look out for a flat up to £245,000 and found one near me in Endon I like with a park and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Endon in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Is it possible to switch firm as I have to select a firm on the Nottingham Building Society conveyancing panel. I instructed a family conveyancing solicitor in Endon five minutes from me but the firm is not approved by Nottingham Building Society
It would be our pleasure to help you select a conveyancing solicitor in Endon on the Nottingham Building Society panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Endon. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Endon.
I need to find a conveyancing solicitor for residential conveyancing in Endon. I have chance upon a web site which seems to have the ideal solution If there is a chance to get all this stuff done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I own a leasehold house in Endon. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Endon who acted for me is not around. Do I pay?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Endon conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Endon - Examples of Questions you should consider before buying
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Most Endon leasehold apartments will have a service charge for the upkeep of the block invoiced by the landlord. Should you buy the property you will have to meet this charge, normally in instalments accross the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge to be met annual, normally this is not a exorbitant amount, say about £50-£100 but you should to enquire as on occasion it could be surprisingly expensive. The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this scenario the tenants benefit from control and although a managing agent is often employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. How many of the leaseholders are in arrears for their maintenance charge payments?