I am progressing with the sale of my ground floor flat in Hamworthy and the EA has just telephoned to advise that the purchasers are changing their conveyancer. The reason given is that the bank will only work with solicitors on their approved list. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Hamworthy ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – 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 claims that 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.
How up to date is your database of Hamworthy solicitors on the Bank of Ireland conveyancing panel? Do Bank of Ireland send you an updated list?
Hamworthy conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
My wife and I are intent on selling our house in Hamworthy and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using an internet conveyancing practice as opposed to a conveyancing solicitor in Hamworthy. Having lived in Hamworthy for many years we know of no issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
The deeds to my property can not be found. The conveyancers who handled the conveyancing in Hamworthy 10 years ago no longer exist. What are my options?
As long as the title is registered the details of your ownership will be held by HMLR under a Title Number. It is possible to carry out a search at the Land Registry, identify your property and get up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will in most cases hold a file duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
We're first time buyers - had an offer accepted, yet the selling agent advised that the vendor will only issue a contract if we instruct their preferred conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer who is accustomed to conveyancing in Hamworthy
It is highly unlikely the vendors are driving this. Should the seller want ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you are going to use your preferred Hamworthy conveyancing solicitors - not the ones that will provide the negotiator at the agency a referral fee or achieve conveyancing thresholds pre-set by head office.
Can you provide any top tips for leasehold conveyancing in Hamworthy from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Hamworthy can be bypassed where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled. If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate can be a time consuming process and delays many a Hamworthy conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this sooner rather than later. Many freeholders or Management Companies in Hamworthy charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hamworthy. A minority of Hamworthy leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
I invested in buying a basement flat in Hamworthy, conveyancing formalities finalised 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Hamworthy with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease ceases on 21st October 2092
With just 66 years left to run we estimate the premium for your lease extension to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.