I am one month into the sale of my maisonette in Hythe and the estate agent has just telephoned to advise that the buyers are changing their law firm. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Hythe ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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. Plenty of firms are unaware that 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 not going to have any impact on this.
I am purchasing a terraced house in Hythe. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Hythe you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hythe.
I require quick conveyancing in Hythe as I have an ultimatum to complete in less than one month. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not getting a mortgage you have the choice not to do searches although no conveyancer would suggest that you don't. With lots of history conveyancing in Hythe the following are examples of what can appear and therefore affect future saleability: Enforcement Notices, Overdue Charges, Outstanding Grants, Railway Schemes,...
I'm buying a new build house in Hythe benefiting from help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not inform my lawyer about this extras as it will put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In what way does the Landlord & Tenant Act 1954 affect my commercial property in Hythe and how can your lawyers assist?
The 1954 Act affords a safeguard to business lessees, granting the dueness to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Hythe is one of the numerous locations in which the firms we work with are based
Can you offer any advice when it comes to appointing a Hythe conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Hythe conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Hythe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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How many lease extensions have they completed in Hythe in the last year?
I bought a studio flat in Hythe, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Hythe with an extended lease are worth £176,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2105
With only 80 years left to run the likely cost is going to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information 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 should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.