I am selling my maisonette in Gnosall and the estate agent has just e-mailed to say that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in Gnosall ?
Banks 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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 being contacted daily by practices 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 buyers are unlikely to have any impact on this.
Do the Building Society Association intend to launch a search tool with a view to to identify firms on the Norwich and Peterborough Building Society conveyancing panel for instance in Gnosall?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Gnosall. Conveyancing is necessary evil 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Gnosall
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Gnosall and how can your lawyers assist?
The particular law that you refer to affords protection to business tenants, giving them the a statutory right to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Gnosall is one of the hundreds of locations in which our lawyers are located
I have just started marketing my ground floor apartment in Gnosall. Conveyancing lawyers have not yet been instructed, however I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as usual because all ground rent and service payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Gnosall Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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What is the annual service fee and ground rent? If a Gnosall lease has no more than 80 years it will affect the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Gnosalllease extensions you will need to own the residence for two years before you are entitled to carry out a lease extension. The answer will be important as a) areas could result in problems in the building as the communal areas may start to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to have all the details
My wife and I are acquiring a 2 bedroom flat in Gnosall. When we first instructed conveyancing practitioner, we were told they were on all mainstream lender panels. The financial adviser contacted us just now to advise that they are not on the UBS approved list. If it turns out to be true, what should we do? Should we just find a different property lawyer that is on their panel or should we pay for dual representation, with UBS selecting their own preferred solicitor.
When acquiring a property with mortgage finance it is conventional for the buyer’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to fulfill. Some lenders now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your conveyancing practitioner should call UBS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on UBS's conveyancing panel as you are at liberty to use your preferred Gnosall lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.