I am selling my ground floor flat in Little Bromwich and the estate agent has just called to warn that the buyers are swapping property lawyer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Little Bromwich ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. The purchasers are not going to have any sway in the decision.
Do the conveyancing lawyers that you recommend perform attended exchange conveyancing in Little Bromwich?
We do have a number of conveyancing specialists who can conduct personalised exchanges. You should e-mail us to obtain a costs illustration and details as to availability.
The deeds to our house are lost. The solicitors who did the conveyancing in Little Bromwich 10 years ago are no longer around. What do I do?
Nowadays there are copies made of almost everything, and your lawyer will be aware exactly where to look for all the suitable documentation so you can purchase or dispose of your property without a hitch. If duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
I am purchasing a new build house in Little Bromwich with the aid of help to buy. The developers refused to budge the amount so I negotiated £7000 of extras instead. The property agent suggested that I not reveal to my solicitor about this side-deal as it will impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a conveyancing lawyer in Little Bromwich for my house move. Is there any facility to review a solicitor's record with the legal regulator?
One may review documented Solicitor Regulator Association (SRA) decisions resulting from investigations started on or after Jan 2008. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator could monitor call for training requirements.
Can you provide any top tips for leasehold conveyancing in Little Bromwich with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Little Bromwich can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers’ solicitors. Many freeholders or managing agents in Little Bromwich levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Little Bromwich. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Little Bromwich leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such works. If you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor in advance. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing.
I purchased a leasehold flat in Little Bromwich, conveyancing having been completed February 1998. Can you work out an approximate cost of a lease extension? Equivalent properties in Little Bromwich with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2103
You have 78 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.