I am in the process of selling my maisonette in Petersfield and the EA has just e-mailed to say that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Petersfield ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the cull – 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. The purchasers are unlikely to have any impact on this.
As someone unfamiliar with the Petersfield conveyancing process what’s the number one tip you can give me concerning the legal transfer of property in Petersfield
You may not hear this from too many lawyers but conveyancing in Petersfield and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is lots of opportunity for confrontation between you and others involved in the transaction. For instance, the vendor, estate agent and sometimes a bank. Appointing a law firm for your conveyancing in Petersfield an important selection as your conveyancer is your adviser, and is the ONLY person in the process whose interest is to protect your legal interests and to keep you safe.
We are witnessing a distinct creep in the "blame" culture- someone has to be at fault for the process taking so long. You your first instinct should be to trust your conveyancer above the other players in the home moving process.
I have been told that property searches are a common reason for obstruction in Petersfield conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Petersfield.
3 months have elapsed following my purchase conveyancing in Petersfield completed. I have checked the Land Registry website which shows that I paid £150,000 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 premises 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.
How simple is it to switch solicitor as I have to retain one who is on the Skipton Building Society conveyancing panel. I had appointed a local conveyancing solicitor in Petersfield five minutes from me but he is not approved by Skipton Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Petersfield on the Skipton Building Society panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Petersfield. In making use of the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Petersfield.
Last March I purchased a leasehold house in Petersfield. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a split level flat in Petersfield, conveyancing formalities finalised February 2000. Can you work out an approximate cost of a lease extension? Comparable properties in Petersfield with an extended lease are worth £195,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2089
You have 63 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 as well as legals.
The suggested premium range that we have given is 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 a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.