I am in the process of selling my apartment in Gravesend and the estate agent has just telephoned to say that the buyers are switching conveyancer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Gravesend ?
UK lenders have always had an approved set of law firms they are willing 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 many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. The purchasers are not going to have any sway in the decision.
My husband and I are purchasing a newbuild apartment in Gravesend with a loan from Aldermore.We have a Gravesend conveyancing practitioner but Aldermore says he's not on their approved list of firms. It seems we have little choice but to instruct a Aldermore panel solicitor or retain our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains various provisions, a common one being that lawyers will be on the Aldermore solicitor panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Aldermore
How does conveyancing in Gravesend differ for newly converted properties?
Most buyers of new build residence in Gravesend come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Gravesend usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Gravesend or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Gravesend I like with open areas and station nearby, however it's only got 51 remaining years left on the lease. There is not much else in Gravesend suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I need to find a conveyancing solicitor for remortgage conveyancing in Gravesend. I've discover a site which looks to be the ideal offering If there is a chance to get all formalities completed via web that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Partway through the sale of a leasehold flat in Gravesend. Conveyancing solicitors are doing their job but we are being charged an extortionate amount from the managing agents. To date we have forked out £237 for a leasehold management information and then a further £134.40 for responses to queries raised by the buyers conveyancer.
Your solicitor will not have any control over the level of the bill for this information but the typical fee for the information for Gravesend leasehold premises is £395. When it comes to Gravesend conveyancing transactions it is usual for the vendor to pay for these charges. The freeholder or their agents are under no statutory obligation to answer these questions although many will agree to do so - albeit often at high prices out of proportion to the work involved. Regretfully there is no statute that requires capped charges for administrative tasks. Nor is there any legal time limit by which they are obliged to issue answers.