I am nearing exchange of contracts for my ground floor flat in Kings Norton and the EA has just e-mailed to warn that the purchasers are appointing a new solicitor. The excuse is that the bank will only engage with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Kings Norton ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened 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 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 unlikely to have any impact on this.
My wife and I have lately acquired a property in Kings Norton. We have noticed several issues with the house which we believe were omitted in the conveyancing searches. Is there anything we can do? What searches should? have been conducted as part of conveyancing in Kings Norton?
The query is vague as to the nature of the problems and if they are relate to conveyancing in Kings Norton. Conveyancing searches and due diligence initiated as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, the vendor answers a questionnaire called a Seller’s Property Information Form. If the information is misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Kings Norton.
Having sold my house in Kings Norton last September yet the purchaser is telephoning me complaining that their solicitor is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your disposal your lawyer should deliver the transfer documentation and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your lawyer must also confirm that the home loan has been redeemed to the buyers conveyancers. There are no post completion tasks just for conveyancing in Kings Norton.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a house in Kings Norton? or Apparently there is a law dating back centuries that could mean that owners of property living in a parish church boundary may be liable to contribute towards repairs to the chancel within the church. Is this suitable for conveyancing in Kings Norton?
Unless a previous purchase of the property completed after 12 October 2013 you can take it that lawyers handling conveyancing in Kings Norton to continue to suggest a chancel search and or chancel repair liability policy.
Due to the advice of my in-laws I had a survey completed on a property in Kings Norton ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kings Norton. Conveyancing will be smoother if you use a solicitor in Kings Norton especially if they are acquainted with such properties in Kings Norton.
What advice can you give us when it comes to choosing a Kings Norton conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Kings Norton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Kings Norton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
-
What are the legal fees for lease extension conveyancing? Can they put you in touch with clients in Kings Norton who can give a testimonial?
I invested in buying a split level flat in Kings Norton, conveyancing was carried out 3 years ago. How much will my lease extension cost? Similar flats in Kings Norton with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2104
With 78 years left to run the likely cost is going to range between £7,600 and £8,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.