I am six weeks into the sale of my ground floor flat in Hoyland and the estate agent has just telephoned to advise that the buyers are changing their solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Hoyland ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been tightened 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 claims that it is being contacted daily by practices 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 buyers are unlikely to have any sway in the decision.
Do the Building Society Association intend to launch a online directory to to identify practices on the Coventry BS conveyancing panel for instance in Hoyland?
Lexsure has not been advised of any plans on the part of the BSA to promote such a register.
My bid for a property was accepted at auction in Hoyland. Conveyancing is needed. What happens now?
Given that you have now exchanged you will need to choose a conveyancing lawyer soon as you are facing a fast approaching a fixed date to complete the transaction. All auction property will ordinarily have a corresponding legal set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
is it true that all Hoyland solicitor firms on the Yorkshire BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be overseen by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
We previously selected conveyancers with offices in Hoyland on the Bank of Ireland solicitor approved list. They have just invoiced me a separate fee for dealing with the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your lawyer may charge a fee for this. This fee is not dictated by Bank of Ireland but by your Hoyland property lawyer. Plenty of firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee and others do not.
How does conveyancing in Hoyland differ for newly converted properties?
Most buyers of new build or newly converted property in Hoyland contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Hoyland tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hoyland or who has acted in the same development.
Are there any apps to assist me to identify a Hoyland law firm on the The Royal Bank of Scotland conveyancing panel? I drive a motor bike and am willing to travel upto 10miles to meet the solicitor.
Feel free to make use of the facility on this website. Please select a lender and your location and you will see a number of Hoyland conveyancing lawyers locally. We have detailed some Hoyland conveyancing firms towards the end of this page and you can contact them to verify if they are on the The Royal Bank of Scotland approved list
Do you have any advice for leasehold conveyancing in Hoyland with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hoyland can be reduced where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. A minority of Hoyland leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay 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 will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Hoyland state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in the first instance. The majority of landlords or Management Companies in Hoyland charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Hoyland.
I bought a basement flat in Hoyland, conveyancing was carried out in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Hoyland with a long lease are worth £175,000. The ground rent is £65 levied per year. The lease ends on 21st October 2084
With 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.