I am five weeks into the sale of my home in Hatfield and the estate agent has just text me to advise that the buyers are switching law firm. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Hatfield ?
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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. 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 buyers are unlikely to have any impact on this.
Will lawyers request money on account for conveyancing in Hatfield?
Where you are retaining lawyers for conveyancing in Hatfield your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this will be needed immediately in advance of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
What does a local search tell me regarding the property I am purchasing in Hatfield?
Hatfield conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search is essential in every Hatfield conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant 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 am looking for a leasehold apartment up to £235,500 and identified one close by in Hatfield I like with a park and railway links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Hatfield suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I have been sourcing a conveyancing solicitor in Hatfield for my home move. Is it possible to review a firm’s record with the profession’s regulator?
One may search for published Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The SRA sometimes recorded call for training requirements.
Can you offer any advice when it comes to appointing a Hatfield conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Hatfield conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Hatfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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How many lease extensions have they carried out in Hatfield in the last 12 months? What are the legal fees for lease extension work?
I am the registered owner of a basement flat in Hatfield, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Hatfield with an extended lease are worth £195,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2088
With just 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.