I am in the process of selling my flat in Prescot and the estate agent has just e-mailed to warn that the buyers are changing their property lawyer. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Prescot ?
Lenders have always had an approved set of law firms that can represent them, 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 worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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 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 unlikely to have any sway in the decision.
The vendors of the home we are purchasing are using a conveyancing firm in Prescot who has recommended a lock out agreement with a deposit two thousand pounds. Is it wise to enter into such agreements?
Exclusivity contracts are agreements binding a property seller and prospective buyer granting the buyer the sole right to purchase the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you will be issued with a contract at a later time which is the main conveyancing contract. It tends to be used for buyer assurance though in some cases, the seller may enjoy an upside from such agreements as well. There are many positives and negatives to using them but you should to check with your solicitor but note that it may result in costing you more in conveyancing fees. In light of these reasons these contracts are rare when it comes to conveyancing in Prescot.
Due to the encouragement of my in-laws I had a survey completed on a house in Prescot in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies may not grant a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you e-mail us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Prescot. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Prescot to see if the conveyancing costs will increase in light of this.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Prescot and how can you help?
The 1954 Act affords protection to business tenants, giving them the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Prescot is one of the many areas of the UK in which our lawyers have offices
I am using a search engine for the phrase cheap conveyancing in Prescot it brings up many property lawyersin the vicinity. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The preferential way of finding the right conveyancer is via personal recommendation, so ask friends and relatives who have bought a property in Prescot or a local estate agent or mortgage broker. Costs for conveyancing in Prescot differ, so it's advisable to obtain at least four costs illustrations from different solicitors. Dont forget to clarify that the fees are fixed.
Is there an average legal costs for conveyancing in Prescot?
The average fee last year for conveyancing in Prescot was just over one thousand four hundred and fifty pounds not including Stamp Duty and HMLR charges.