I am progressing with the sale of my home in Keynsham and the EA has just telephoned to advise that the buyers are changing their property lawyer. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a major mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Keynsham ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed 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 says it is being contacted daily by practices 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 purchasers are unlikely to have any impact on this.
The property market in Keynsham is hotting up. What can I do to speed up matters?
In a situation where the seller is applying time constraints to complete it is highly recommended that your lawyer is familiar with the location as they will make use of local relationships and knowledge. It is possible that they would have conducted otherhomes in the same road. You would be best advised to use a Keynsham conveyancing solicitor. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Keynsham conveyancing transactions are frustrated or jeopardised after discovering a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the transaction being delayed by almost three weeks. It is said that this issue impacts approximately one hundred thousand home sales annually. Many Keynsham conveyancing practices can not act for certain banks so do check at the outset.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather instruct a Keynsham based conveyancing firm?
You should check but the the probability is that give you one of their panel solicitors where you accept the "fee-free" deal. Speak to the bank to explore if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Keynsham.
I am assisting my mother sell her flat in Keynsham. Does the conveyancing solicitor order an EPC or should I organise this?
After the abolition of HIPs, energy performance certificates was maintained a compulsory element of moving house. An energy performance certificate needs to be commissioned in advance of the property being put on the market. This is not as aspect of the sale process that lawyers ordinarily arrange. Where you are using a Keynsham conveyancing solicitor they might be willing to arrange energy assessments due to their relationships with reputable local assessors
It is unclear whether my mortgage offer requires a lease extension. I have called into my local Keynsham building society branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Keynsham conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Your conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After weeks of negotiation I have agreed a price on an apartment in Keynsham. My financial adviser pressured me to appoint their lawyer. I paid an upfront payment of £150. Soon after, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Various internet forums that I have frequented warn that are the main cause of delay in Keynsham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Keynsham.
I've recently bought a leasehold house in Keynsham. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a basement flat in Keynsham, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Keynsham with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2093
With just 68 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.