I am progressing with the sale of my apartment in Mawsley and the EA has just text me to advise that the buyers are switching law firm. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Mawsley ?
Lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – 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 says it is being contacted daily by practices that have been removed from panels. Some 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 unlikely to have any sway in the decision.
We are acquiring our first home. The property lawyer has contact usto check if we would like to purchase extra conveyancing searches. We are really unsure what's recommended for conveyancing in Mawsley
The extent of Mawsley conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your familiarity of the area and risks, your overall appetite to risk. What is important is that you properly understand what information the searches could provide. You may then decide if you consider that you need that search. Should you be unsure, ask your conveyancer to recommend.
Are all Mawsley Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
We previously appointed solicitors locally in Mawsley on the Co-operative solicitor panel. They have just billed me a supplemental sum for handling the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. The fee is not dictated by Co-operative but by your Mawsley lawyer. Numerous firms on the Co-operative panel will quote ’dealing with mortgage’ fee and others do not.
My offer on a detached house in Mawsley has been agreed to, the owners do nevertheless have a tied purchase. The vendors have offered on a flat, however it’s not yet tied up, and are looking at other properties booked. I have selected a local conveyancing solicitor in Mawsley. What should be my next step? When do I get the mortgage application with TSB going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Mawsley conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the TSB conveyancing panel. Regarding the next phase this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a rising market some buyers would apply for the mortgage with TSB and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with searches.
Should my solicitor be making enquiries about flooding as part of the conveyancing in Mawsley.
The risk of flooding is if increasing concern for solicitors dealing with homes in Mawsley. Plenty of people will acquire a house in Mawsley, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Mawsley. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to discover whether the premises has ever been flooded. In the event that the premises has been flooded in past which is not notified by the owner, then a buyer may commence a claim for damages stemming from an inaccurate answer. A purchaser’s lawyers may also order an enviro report. This will higlight whether there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
Just had an offer accepted on a new build flat in Mawsley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Mawsley
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There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I am on look out for some leasehold conveyancing in Mawsley. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Mawsley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a basement flat in Mawsley, conveyancing formalities finalised April 1998. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Mawsley with over 90 years remaining are worth £260,000. The ground rent is £45 yearly. The lease runs out on 21st October 2099
With only 74 years unexpired the likely cost is going to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.