I am in the process of selling my flat in Minera and the estate agent has just text me to warn that the buyers are changing their conveyancer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Minera ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your buyers are not going to have any sway in the decision.
Can your site be used to recommend a Conveyancing solicitor in Minera even where I’m not purchasing or selling a house, for instance if I want to acquire an office in Minera with a mortgage from Barclays Direct?
Our comparison service is predominantly utilised to get a quote from residential conveyancing solicitors in Minera but we have listed at the bottom of this page some Minera commercial conveyancing firms. You should enquire with the firm directly to establish if they can also act for Barclays Direct
My lawyer in Minera is not on the Alliance & Leicester Approved Panel. Can I still retain my family solicitor notwithstanding that they are not on the Alliance & Leicester panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your preferred Minera lawyers but Alliance & Leicester will need to retain a lawyer on their panel. This will result in additional total conveyancing charges and cause delays.
- Find a new lawyer to to deal with the purchase, obviously checking they are Alliance & Leicester approved.
- Try to convince your Alliance & Leicester based solicitor to attempt to join the Alliance & Leicester panel
When it comes to mortgage companies such as Co-operative, do Minera conveyancing practitioners face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I currently have a mortgage with Virgin Money for my property in Minera. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I was told four weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Minera is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
We expect to complete our sale of a £475,000 maisonette in Minera in 8 days. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Minera?
Minera conveyancing on leasehold apartments normally involves administration charges raised by managing agents :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Minera
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a studio flat in Minera, conveyancing was carried out in 2001. How much will my lease extension cost? Comparable properties in Minera with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2092
With just 67 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
Living abroad I am unable to travel my Minera conveyancing practitioners office to execute documents for conveyancing in Minera – will this be an issue?
You need not be concerned. Minera conveyancing solicitors can handle conveyancing transactions for clients wider afield. You are unlikely to be required to visit a Minera conveyancers office. They can undertake everything using post, email, telephone and fax.