I am nearing exchange of contracts for my house in North Baddesley and the EA has just called to warn that the buyers are changing their property lawyer. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in North Baddesley ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. 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 hearing daily from firms 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 impact on this.
We are about to complete on the purchase of a house in North Baddesley but as a consequence of wreckage from a small fire at the property I have was able negotiate recompense from the vendor in the sum of £3k taking the form of a adjustment in the price. I had intended this to be dealt with as part of amending the contract but RBS are not allowing this. Should they have been notified?
The lawyer being on the RBS conveyancing panel is obliged to disclose to RBS of any amendments to the sale price. If you were to refuse your property lawyer to notify the reduction to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new conveyancer for your conveyancing in North Baddesley.
We note that you have a search directory listing solicitors on the Co-operative conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in North Baddesley?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in North Baddesley.
My partner and I are planning on selling our property in North Baddesley and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the purchasers used a nationwide conveyancing practice as opposed to a conveyancing solicitor in North Baddesley. Having lived in North Baddesley for three years we know that this is a non issue. Should we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Can you provide any top tips for leasehold conveyancing in North Baddesley with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in North Baddesley can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? North Baddesley leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such works. If you fail to have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer first. A minority of North Baddesley leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 buyers or their lawyers. If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate can be a time consuming formality and slows down many a North Baddesley home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
I own a 1st floor flat in North Baddesley, conveyancing having been completed January 2001. Can you work out an approximate cost of a lease extension? Corresponding properties in North Baddesley with an extended lease are worth £265,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2102
You have 76 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should 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 clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Developers have recommended to me a solicitor and I've sought a quote from them. They are almost £300 cheaper than my family North Baddesley property lawyer. Should I use them?
Housebuilders often have panels of conveyancing practitioners who expedite matters and who know the developer’s documentation and solicitor. Plenty of developers offer an inducement to choose a preferred conveyancing practitioner for this reason, any increased charges can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the conveyancing delayed when they require an exchange in 28 days. A counter-argument for not opting for the recommended conveyancing practitioner is that they may be unwilling to fight for your interests at the risk of upsetting the housebuilder. If you worry that this may be the situation you should keep with your local North Baddesley conveyancer.