I am progressing with the sale of my flat in Frampton on Severn and the EA has just telephoned to advise that the purchasers are changing their property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Frampton on Severn ?
Banks have always had an approved set of law firms that can represent them, but in the last 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 many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
Why do I have to pay up front for conveyancing in Frampton on Severn?
If you are buying a property in Frampton on Severn your solicitor will ask you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this should be needed immediately ahead of contracts are exchanged. Any further balance that is needed should be sent to your lawyer shortly before completion.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Frampton on Severn I like with open areas and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Frampton on Severn for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Is it possible to change firm as I need to appoint one who is on the National Westminster Bank conveyancing panel. I had appointed a local conveyancing solicitor in Frampton on Severn round the corner but the firm is not approved by National Westminster Bank
We will our best to assist in finding you a conveyancing solicitor in Frampton on Severn on the National Westminster Bank panel. Please note that the conveyancers that we on the directory do not pay us commission if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in Frampton on Severn. Using search facility on this site, you can compare charges for conveyancing solicitors in Frampton on Severn and throughout England and Wales.
I am employed by a reputable estate agency in Frampton on Severn where we see a few flat sales derailed due to short leases. I have received inconsistent advice from local Frampton on Severn conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 buyer.
Frampton on Severn Conveyancing for Leasehold Flats - A selection of Queries before buying
-
Who is in charge of the block? Does the lease have more than 90 years left? Does the lease contain onerous restrictions?
My offer on property in Frampton on Severn was accepted, the vendor does nevertheless have a tied purchase. The sellers have put an offer on on an apartment, however it’s not yet tied up, and has viewings of other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Frampton on Severn. What should be my next step? When should I get the mortgage application with TSB started with TSB?
It is understandable to have apprehensions where there is an associated chain as you are unlikely to want to incur costs too early (home loan application is approx one thousand pounds, then survey, Frampton on Severn conveyancing search costs, etc). The first course of action is to ensure that your lawyer is on the TSB approved list. Regarding the subsequent stages this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a rising market many home buyers will apply for a home loan with TSB and pay for the valuation and only if it comes back ok would they pay their lawyer to move forward with the conveyancing in Frampton on Severn.