I am in the process of selling my home in Montgomery and the estate agent has just telephoned to say that the buyers are switching conveyancer. The excuse is that the lender will only engage with property lawyers on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Montgomery ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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. Plenty of firms 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. Your buyers are unlikely to have any impact on this.
We note that you have a post code search directory listing solicitors on the Lloyds conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Montgomery?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Montgomery.
We wanted to use a conveyancing solicitor in Montgomery for our home move. Our financial adviser informed us that our bank Virgin Money won't deal with them. Surely this is unduly restrictive?
A decade ago most mortgage companies had a different appetite for risk. Almost all Montgomery conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms about their operations and their employees as well as set certain criteria such a completing on a minimum volume of conveyancing. Many Montgomery conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Montgomery is amongst the hundreds of areas where the solicitors showing on our search results are are approved Virgin Money.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who handled the conveyancing in Montgomery 4 years ago are no longer around. What are my options?
In today’s world there are duplicates made of almost everything, and your conveyancer should know exactly where to locate all the suitable documentation so you can buy or dispose of your house without any difficulty. Where duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on the property.
I'm buying my first flat in Montgomery benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The sale representative suggested that I not to tell my solicitor about the deal as it could jeopardize my mortgage with Accord Mortgages Ltd. Is this normal?.
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.
Having had my offer accepted I require leasehold conveyancing in Montgomery. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Montgomery - then the leasehold title will always include the short particulars 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 inherited a 2 bed flat in Montgomery, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Montgomery with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2090
You have 65 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.