I am in the process of selling my home in Henfield and the estate agent has just telephoned to advise that the buyers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Henfield ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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. 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. Your purchasers are unlikely to have any impact on this.
It has been five months since my purchase conveyancing in Henfield took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and found one close by in Henfield I like with a park and transport links nearby, the downside is that it's only got 61 years on the lease. There is not much else in Henfield suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Do I need to be suspicious about brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Henfield conveyancing company?
As is the case with many service providers, often recommendations from family and friends can be worth their weight in gold. Yet there are numerous players in a conveyancing deal; estate agents, financial adviser and lenders may suggest solicitors to appoint. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You have the discretion to appoint your own lawyer. You need to be aware that most mortgage providers specify a panel list of solicitors you have to use for the mortgage related work in your house move.
I am looking for a conveyancing solicitor in Henfield for my home move. Is there any facility to check a solicitor's complaints history with the profession’s regulator?
One may read presented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may recorded telephone calls for training reasons.
Due to exchange soon on a garden flat in Henfield. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Henfield should include some of the following:
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It needs to be made clear to you if the lease allows you to alter or improve aspects of the premises- you must be made aware as to whether any restrictions relates to all alterations or limited to structural alteration, and whether permission is mandated necessary Repair and maintenance of the flat You would want to receive a copy of the lease The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. What options are available to the landlord where you breach a clause of your lease?
I acquired a leasehold flat in Henfield, conveyancing was carried out in 1996. How much will my lease extension cost? Equivalent flats in Henfield with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2099
With just 74 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.