I am selling my home in Greystones and the estate agent has just called to say that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Greystones ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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. Your buyers are not going to have any sway in the decision.
I sincerely hope you can help me. My Greystones conveyancer is assuring me that she is duty bound toconduct Greystones conveyancing searches becausethe firm are on the Nat Westapproved lawyer panel. Is my lawyer right?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Greystones conveyancing searches.
My husband and I have organised the release of further funds on our home loan from Leeds Building Society as we wish to carry out alterations to our property in Greystones. Do we need to choose a high street Greystones solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I had a mortgage agreed in principle with Virgin Money. Greystones conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money completed the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have instructed a Greystones solicitor having made sure that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Greystones postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Greystones.
What can a local search tell me about the property I am purchasing in Greystones?
Greystones conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Greystones conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I would like to rent out my leasehold apartment in Greystones. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Greystones do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I inherited a 2 bed flat in Greystones, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Greystones with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2101
With only 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
I have just appointed agents to market my 2 bed flat in Greystones.Conveyancing solicitors are to be appointed soon but I have recently had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal as all ground rent and service payments should be allottedon completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process