I am selling my flat in Gurnard and the estate agent has just e-mailed to warn that the purchasers are changing their conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Gurnard ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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.
I am assisting my aunt sell her flat in Gurnard. Will the solicitor order the EPC or it is for the seller to see to?
Following the abolition of HIPs, energy performance certificates was left as a mandatory element of selling a house. An energy assessment should be to hand in advance of the property being marketed. It is not as aspect of the sale process that conveyancers normally organise. If you are using a Gurnard conveyancing practitioner they might help arrange energy assessments due to their relationships with reputable local assessors
Last month we had a mortgage agreed in principle with Leeds Building Society. Gurnard conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society conducted the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
About to purchase maisonette in Gurnard. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Gurnard solicitor is on the RBS conveyancing panel.
Will our solicitor be making enquiries regarding flooding as part of the conveyancing in Gurnard.
Flooding is a growing risk for solicitors dealing with homes in Gurnard. Some people will purchase a property in Gurnard, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a various searches that may be initiated by the purchaser or by their lawyers which can figure out the risks in Gurnard. The conventional set of property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to determine whether the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could commence a claim for damages resulting from an misleading response. The purchaser’s solicitors may also order an enviro search. This will reveal if there is a recorded flood risk. If so, additional investigations will need to be carried out.
Due to the guidance of my in-laws I had a survey completed on a house in Gurnard ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders will not issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Gurnard. Conveyancing may be slightly more expensive based on your lender's requirements.
I am using a search engine for the phrase conveyancing in Gurnard it shows results of numerous property lawyersin the vicinity. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The best way of seeking a suitable conveyancer is via personal referral, so ask colleagues and those you trust who have acquired a property in Gurnard or a local estate agent or financial adviser. Charges for conveyancing in Gurnard differ, so it's advisable to secure a minimum of three fee estimates from different conveyancers. Dont forget to clarify that the fees are fixed.
Do you have any top tips for leasehold conveyancing in Gurnard from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Gurnard can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled. You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Organising a replacement share certificate is often a time consuming process and delays many a Gurnard conveyancing transaction. If a reissued share is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Gurnard state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you fail to have the paperwork to hand do not contact the landlord without contacting your conveyancer in advance.
I purchased a 1 bedroom flat in Gurnard, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Gurnard with a long lease are worth £191,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2078
With just 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt 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 getting professional advice.