I am 4 weeks into the sale of my home in Knutsford and the EA has just text me to say that the buyers are switching law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Knutsford ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented 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 maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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.
I am buying a property without a mortgage in Knutsford. I have lived for the previous Seventeen years in Knutsford. Conveyancing searches are exorbitant. As I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then almost all of the Knutsford conveyancing searches are optional. Your solicitor will 'advise', perhaps strongly, that you should have searches carried out, but he is duty bound to do this. One thing to take into account; if you are intend to sell the house at a future date, it will likely be be of relevance to your future buyer what the searches contain. Sometimes properties with no practical issues can still reveal adverse search results. A good conveyancing solicitor in Knutsford will be able to give you some constructive guidance concerning this.
It is a dozen years since I bought my home in Knutsford. Conveyancing solicitors have now been retained on the sale but I can't track down my title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be kept by your lender or they could be in the possession of the conveyancers who handled your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Knutsford involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Our bank has suggested solicitors on their panel based in Knutsford but I would rather use a conveyancing lawyer in Knutsford or nearer to where I live. Can you help?
It is by no means the case that all Knutsford conveyancing practitioners are on all lender’s conveyancing panel. Please make use of the above search tool to locate a Knutsford conveyancing conveyancer on the on the mortgage company panel.
Due to sign contracts shortly on a leasehold property in Knutsford. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Knutsford should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? What options are open to you if another leaseholder in the building is in violation of a provision in their lease? Additions to the flat Who has the liability to repair and maintain the block. It is essential that you know which party is responsible the repair and maintenance of all parts of the block and communal areas
I own a garden flat in Knutsford, conveyancing was carried out in 1999. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Knutsford with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2084
With 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Our conveyancer in Knutsford has uncovered a a legal deficiency with the lease for the property we are buying in Knutsford. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.