I am one month into the sale of my maisonette in Pagham and the estate agent has just called to say that the purchasers are switching property lawyer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Pagham ?
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 acted for them for more than 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 unlikely to have any impact on this.
It has been five months since my purchase conveyancing in Pagham took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey carried out on a house in Pagham before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some banks tend not give a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Pagham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Pagham to see if the conveyancing costs will increase in light of this.
I am looking for a conveyancing lawyer in Pagham for my sale. Can I review a solicitor's record with the legal regulator?
Anyone can review presented Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator may monitor call for training reasons.
I am looking at a two flats in Pagham both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I invested in buying a studio flat in Pagham, conveyancing having been completed in 2008. How much will my lease extension cost? Corresponding properties in Pagham with a long lease are worth £227,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2098
With 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Our estate agent has suggested using their conveyancing practitioner for our conveyancing in Pagham - Surely it’s advisable to just use them?
This is not necessarily the case and you are at liberty to use whichever conveyancing practitioner of your choosing for your Pagham home move. A property lawyer recommended by an estate agent may not always be the right solicitor, they may suggest their own conveyancing firm who are based remotely. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.