I am progressing with the sale of my house in Great Sankey and the EA has just text me to say that the buyers are swapping law firm. The reason given is that the bank will only engage with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Great Sankey ?
Banks 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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 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 buyers are unlikely to have any impact on this.
It is a dozen years since I purchased my house in Great Sankey. Conveyancing lawyers have now been retained on the sale but I am unable to find my deeds. Is this a problem?
Don’t worry too much. First the deeds may be retained by the mortgage company or they may stored with the conveyancers who acted in the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Great Sankey relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
Should our conveyancer be raising questions regarding flooding as part of the conveyancing in Great Sankey.
Flooding is a growing risk for lawyers conducting conveyancing in Great Sankey. There are those who purchase a house in Great Sankey, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that can be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Great Sankey. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the seller to determine whether the property has historically flooded. If the property has been flooded in past which is not disclosed by the seller, then a purchaser may commence a compensation claim as a result of such an incorrect response. The buyer’s lawyers may also order an enviro search. This will reveal whether there is any known flood risk. If so, further investigations will need to be initiated.
I have recentlyfound out that Stirling Law have been shut down. They conducted my conveyancing in Great Sankey for a purchase of a leasehold flat 10 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Great Sankey conveyancing specialists.
What advice can you give us when it comes to finding a Great Sankey conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Great Sankey conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Great Sankey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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How experienced is the firm with lease extension legislation?
I invested in buying a studio flat in Great Sankey, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Great Sankey with an extended lease are worth £265,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2100
With just 76 years left to run the likely cost is going to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
We are soon to buying a home in Great Sankey. Can our lawyer have our transaction price a secret from sites such as Nestoria. How could this be done?
HM Land Registry are legally bound to specify price paid data on the official title for residential properties countrywide which includes premises in Great Sankey. The register of title is a public document, so HMLR would be breaking the law excluded specific homes such as your one in Great Sankey.
You can ask HMLR to withhold the amount paid entry but the answer would be in the negative.