I am nearing exchange of contracts for my home in Quorn and the estate agent has just called to say that the buyers are swapping 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 leading lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Quorn ?
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 represented them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. 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. Plenty of firms 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 impact on this.
The vendors of the home we are purchasing hired a conveyancing solicitor in Quorn who has recommended a lock out contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out contract (also known as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it could turn out to be a hindrance. It is not strongly advocated by Quorn conveyancing solicitors as a result. The other main concern is the extent of the remedies available - an aggrieved purchaser is very unlikely to be issued with injunctive relief to bar the seller disposing of the property to a third party, so the only remedy open via the contract will be the reimbursement of abortive charges and, in rare circumstances, the extra payment of damages.
In what way does my ID and proof of funds have anything to do with my conveyancing in Quorn? What am I being asked for?
Quorn conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Proof of the origin of funds is also necessary in compliance with the money laundering laws as solicitors are duty bound to ensure that the monies you are using to buy a property (be it the exchange deposit or the full purchase monies if you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the proceeds of illegitimate activity.
I got the keys to my house on 16 October and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Quorn advises it should be recorded in a couple of weeks. Are properties in Quorn particularly slow to register?
As far as conveyancing in Quorn is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can differ according to the party submitting the application, whether there are errors and if the Land registry have to notify any 3rd parties. As of today approximately 80% of submission are completed in less than three weeks but occasionally there can be protracted delays. Registration takes place after the purchaser has moved in to the property therefore an expedited registration is not typically top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I need to appoint a conveyancing solicitor for residential conveyancing in Quorn. I have stumble across a web site which looks to be the ideal solution If there is a chance to get all formalities done via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any advice for leasehold conveyancing in Quorn with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Quorn can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. Many landlords or managing agents in Quorn charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Quorn. Some Quorn leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a garden flat in Quorn, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Quorn with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2078
With only 53 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.