I am in the process of selling my apartment in Kempston and the estate agent has just called to say that the buyers are switching law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Kempston ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are not going to have any impact on this.
Me and my partner are about to complete on the purchase of a house in Kempston but as a result of wreckage from the recent storms I have was able negotiate reparation from the vendor in the sum of £2k in the form of a reduction in the price. I had intended this to be addressed as part of a side agreement but Skipton are not allowing this. Should they have been informed?
Your conveyancer that is on the Skipton conveyancing panel is required to inform Skipton of any variations to the purchase price. If you were to refuse your conveyancer to disclose the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new solicitor for your conveyancing in Kempston.
Are the Kempston conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Kempston conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Our mortgage company has recommended solicitors on their panel based in Kempston but I would rather instruct a conveyancing lawyer in Kempston round the corner to me. Are you able to help?
It is by no means the case that all Kempston conveyancing firms are listed all lender’s conveyancing panel. Use our search tool to choose a Kempston conveyancing conveyancer on the on the mortgage company panel.
I am buying my first flat in Kempston with a mortgage from Barclays Direct. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not disclose to my lawyer about this deal as it could impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Kempston. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Kempston are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Kempston in which case you should be shopping around for a Kempston conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I invested in buying a 2 bed flat in Kempston, conveyancing having been completed June 2006. Can you work out an approximate cost of a lease extension? Similar flats in Kempston with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2105
You have 80 years left to run the likely cost is going to span between £8,600 and £9,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues 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 before seeking the advice of a professional.