I am six weeks into the sale of my house in Fenstanton and the EA has just called to advise that the buyers are appointing a new property lawyer. The reason given is that the bank will only work with solicitors on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to select for their conveyancing in Fenstanton ?
Lenders have always had an approved set of law firms they are willing to work with, 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 many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
When will exchange of contracts happen for purchase conveyancing in Fenstanton and do I need to be at the conveyancers office?
Where you are in close proximity to our conveyancing solicitors in Fenstanton you are invited in to sign documents. That being said, the lender approved solicitors we recommend supply a countrywide conveyancing service and provide as equally diligent and professional a job for you when communicating with you by post or email. The executing of the contract is not the important part. A signed contract simply enables the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Fenstanton)to be in the office at the appropriate time.
three months have gone by following my purchase conveyancing in Fenstanton completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What makes your site different to alternative online quote calculators for conveyancing in Fenstanton?
At this site receive a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Fenstanton. As opposed to estate agents and brokerage sites we do not charge firms a commission if you choose them for your home move in Fenstanton
Can you provide any advice for leasehold conveyancing in Fenstanton with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Fenstanton can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate is often a lengthy process and frustrates many a Fenstanton home move. Where a reissued share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later. Some Fenstanton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
I bought a studio flat in Fenstanton, conveyancing formalities finalised in 2004. How much will my lease extension cost? Similar properties in Fenstanton with over 90 years remaining are worth £211,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2091
With only 67 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Fenstanton. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Fenstanton are freehold and not 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 Fenstanton so you should seriously consider shopping around for a Fenstanton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.