I am progressing with the sale of my house in Freshwater and the estate agent has just e-mailed to advise that the purchasers are switching law firm. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Freshwater ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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. Your purchasers are not going to have any impact on this.
Will lawyers request an advanced payment for my conveyancing in Freshwater?
If you are buying a property in Freshwater your solicitor will ask you place 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 total price then this will be required shortly in advance of contracts are exchanged. Any further balance that is needed will be payable shortly before completion.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Freshwater. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Freshwater
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I have been recommended by numerous selling agents in Freshwater to locate a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to recommend your lawyers over and above another?
We don’t make any commission for sending work our way. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Do you have any top tips for leasehold conveyancing in Freshwater with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Freshwater can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives. If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled. The majority of freeholders or managing agents in Freshwater levy fees for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Freshwater. Some Freshwater leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I purchased a 1 bedroom flat in Freshwater, conveyancing formalities finalised in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Freshwater with a long lease are worth £216,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2094
With only 70 years unexpired the likely cost is going to range between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
How much experience do your Freshwater conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Freshwater conveyancing lawyers help thousands of buyers move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Freshwater conveyancers have worked on recent similar matters.