I am progressing with the sale of my maisonette in Lake District and the EA has just e-mailed to say that the purchasers are changing their solicitor. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Lake District ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed 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 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 not going to have any impact on this.
AssumingI was to acquire a freehold homein Lake District for cash and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Lake District?
The only saving you would achieve is the disbursement for searches. Your lawyer still got to do everything else - money laundering, liaising with your vendors property lawyer, stamp duty return, register the property etc. You might save a bit for them not needing to register a mortgage but it will not be a lot.
Should conveyancers request money on account for my conveyancing in Lake District?
If you are buying a property in Lake District your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the sale price then this will be required shortly in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
What does a local search reveal regarding the property my wife and I purchasing in Lake District?
Lake District conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search is essential in every Lake District conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Lake District I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Lake District suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I need to retain a conveyancing solicitor for leasehold conveyancing in Lake District. I have chance upon a site which appears to be the ideal solution If there is a chance to get all this stuff completed via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?