I am in the process of selling my home in Ombersley and the EA has just text me to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Ombersley ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute this action to a rise in fraud by way of justification 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 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 purchasers are unlikely to have any sway in the decision.
I am due to complete on the purchase of a property in Ombersley but as a result of damage from the recent storms I have was able negotiate compensation from the current proprietors in the sum of six thousand pounds by way of a reduction in the price. This was going to be addressed as part of amending the contract but Coventry BS are not allowing this. Should they have been informed?
The lawyer that is on a Coventry BS approved list is duty bound to inform Coventry BS of any changes to the sale price. If you were to refuse your conveyancing practitioner to report the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancer for your conveyancing in Ombersley.
Please help - my lawyer says that lack of right of way insurance is needed on my purchase. What is the level of cover for Ombersley conveyancing?
The appropriate level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
Completion of my remortgage has taken place for my property in Ombersley. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Nottingham have agreed my mortgage in principle, my bid on a property in Ombersley has been accepted, now what?
The property agent will need to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Call up Nottingham or the broker and finish off any outstanding documentation. Nottingham will sellect a valuer who will get in contact with the selling agent or seller to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Nottingham will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ombersley.
Should commercial conveyancing searches disclose planned roadworks that may impact a commercial land in Ombersley?
Its becoming the norm that commercial conveyancing solicitors in Ombersley will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Ombersley. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ombersley.
For each commercial conveyancing transaction in Ombersley it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Ombersley commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Ombersley.
My brother has suggested that I instruct his conveyancers in Ombersley. Should I find my own property lawyer?
No doubt it’s preferable to select a conveyancing practitioner is to get referrals from friends or relatives who have previously instructed the conveyancer that you are are thinking of instructing.
I work for a reputable estate agent office in Ombersley where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Ombersley conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1st floor flat in Ombersley, conveyancing was carried out in 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Ombersley with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2080
With just 54 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt 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 before seeking the advice of a professional.