I am one month into the sale of my house in Fakenham and the EA has just text me to warn that the purchasers are swapping law firm. The excuse is that the lender will only work with solicitors on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Fakenham ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 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. Your purchasers are not going to have any impact on this.
My partner and I are nearing an exchange on a property in Fakenham and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The conveyancing practitioner is legally required to check with the bank to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Norwich and Peterborough Building Society conveyancing panel for example in Fakenham?
We would not expect to be advised of any plans on the part of the BSA to develop such a search facility.
The deeds to our home can not be found. The lawyers who dealt with the conveyancing in Fakenham 4 years ago have long since closed. What are my next steps?
You no longer need to have the physical official documentation to evidence that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
We're first time buyers - agreed a price, but the property agent told us that the vendor will only proceed if we appoint their preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Fakenham
It is improbable the sellers are behind this. Should the owner desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Bypass the agents and go straight to the sellers and make sure they understand (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to use your own,trusted Fakenham conveyancing lawyers - not the ones that will provide their negotiator at the agency a introducer fee or meet his conveyancing targets pre-set by HQ.
I am tempted by the attractive purchase price for a couple of apartments in Fakenham which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Fakenham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fakenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in Fakenham, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Fakenham with a long lease are worth £211,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2094
You have 68 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.