My husband and I are hoping to buy a newly converted apartment in Marlow with a residential mortgage from Bank of Scotland.We would like to retain our Marlow conveyancing practitioner but Bank of Scotland informed us he's not listed on their "panel". It seems we have little choice but to instruct a Bank of Scotland panel lawyer or retain our preferred solicitor and fork out for a Bank of Scotland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you contains various provisions, one of which will be that solicitors must be on the Bank of Scotland solicitor panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Scotland
I used Arc property Solicitors several years ago for my conveyancing in Marlow. Now, I need the files however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Marlow of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Marlow is where the house is located. Is there any advice you can impart?
Flying freeholds in Marlow are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Marlow you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Marlow may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be concerned that estate agents that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Marlow conveyancing firm?
As with many professional services, often recommendations from family and friends can be extremely useful or valuable. But there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend solicitors to choose. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there exists a financial incentive behind the endorsement. You have the right to select your own conveyancer. However, bear in mind that the majority of mortgage providers operate an approved list of solicitors you must use for the lender related work in your house move.
Can you provide any advice for leasehold conveyancing in Marlow with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Marlow can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. A minority of Marlow leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a new share certificate can be a lengthy process and slows down many a Marlow conveyancing deal. If a new share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.
I invested in buying a leasehold flat in Marlow, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Marlow with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2092
With 67 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Can you clarify the extent of conveyancing handled by Marlow conveyancing firms?
Generally most Marlow conveyancing solicitors tend to supply a wide array of assistance to domestic and rural land proprietors, sellers, purchasers, landlords and leaseholders helping outwith some of the following:
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Property sale conveyancing in Marlow or across the country
Domestic purchase conveyancing in Marlow and further afield
Property division, resulting from divorce or separation Residential Remortgages Buying through Right to Buy (RTB) or Right to Acquire (RTA) schemes Leasehold Enfranchisement - both lease extensions and buying the freehold