I am progressing with the sale of my ground floor flat in New Waltham and the estate agent has just e-mailed to say that the purchasers are swapping solicitor. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in New Waltham ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 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 not going to have any sway in the decision.
We are acquiring our first house. Our solicitor has texted usto check if we want to order supplemental conveyancing searches. Unfortunately we have no idea as to what's relevant for conveyancing in New Waltham
The scope of New Waltham conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your knowledge of the area and risks, your general attitude to risk. What matters is that you properly understand what information each search could give you. You may then make a decision if you personally think you need that information. Where you are unsure, ask your conveyancing practitioner to recommend.
A friend pointed out to me me that in purchasing a property in New Waltham there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in New Waltham which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in New Waltham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am expecting a OIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any New Waltham solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint New Waltham solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I recently had an offer agreed on a house in New Waltham. My financial adviser suggested a lawyer. I paid an advanced payment of £225. Not long after, the solicitor called me sheepishly admitting that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The deeds to my home are lost. The conveyancers who handled the conveyancing in New Waltham 5 years ago are no longer around. What are my options?
Gone are the days when you need to hold title official documentation to evidence that you are the registered proprietor of land or premises, given that the Land Registry have everything they need in a digital format.
Expecting to complete next month on a ground floor flat in New Waltham. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in New Waltham should include some of the following:
-
Does the lease require carpeting throughout thus preventing wood flooring? Specifying your rights in respect of common areas in the block.For instance, does the lease permit a right of way over an accessway or hallways? What the implications are if you breach a clause of your lease? Who has the liability for maintaining the window frames Your conveyancers should enable you to have an understanding of the building insurance requirements
I inherited a studio flat in New Waltham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in New Waltham with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease finishes on 21st October 2087
With 62 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
I’m about to sell my ground floor flat in New Waltham.Conveyancing solicitors are to be appointed soon however I have recently had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as usual as all ground rent and maintenance charges will be allottedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process