I am progressing with the sale of my maisonette in Preston Park and the EA has just telephoned to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a big named lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Preston Park ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. 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 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 purchasers are unlikely to have any impact on this.
My grandson is about to exchange on a newly built flat in Preston Park with a home loan from Skipton. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Preston Park last May but the buyer keeps whats apping me to moan that her lawyer needs to hear from mine. What should have happened now that I have sold?
Following your sale your conveyancer should send the transfer deeds and all supplemental paperwork to the buyer’s conveyancer. Where relevant, your conveyancer must also confirm that the home loan has been discharged to the buyers solicitors. There is unlikely to be post completion formalities just for conveyancing in Preston Park.
In scouring consumer advice sites for a high-quality lawyer in Preston Park, most advise that I should look for a CQS kitemarked solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. Preston Park is one of the many areas of the UK where there are Accredited lawyers.
The estate agent has sent us the confirmation of our purchase of a new build flat in Preston Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Preston Park
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
I am hoping to sign contracts shortly on a leasehold property in Preston Park. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Preston Park should include some of the following:
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Rent payments - what is payable and when is collected, and be on notice if this is subject to change Who has the liability to repair and maintain the building. It is important for you to know which party is liable for the repair and maintenance of every part of the building Where does the liability rest for maintaining the window frames Defining your legal entitlements in relation to common areas in the building.For example, does the lease grant a right of way over a path or staircase? The length of the lease term. You should receive guidance as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I invested in buying a basement flat in Preston Park, conveyancing formalities finalised April 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Preston Park with an extended lease are worth £206,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2090
With only 66 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.