I am selling my home in Rushden and the EA has just e-mailed to warn that the purchasers are swapping law firm. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Rushden ?
Lenders have always had panels of law firms they are content to work with, but in recent 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 many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 purchasers are unlikely to have any sway in the decision.
I am purchasing a right to buy a flat in Rushden. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Rushden you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Rushden.
I have recentlydiscovered that Arc property Solicitors have been shut down. They conducted my conveyancing in Rushden for a purchase of a leasehold flat 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest method to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rushden conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Rushden is where the house is located. Can you shed any light on this issue?
Flying freeholds in Rushden are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rushden you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rushden may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How simple is it to switch conveyancer as I need to choose one who is on the Britannia conveyancing list. I had appointed a family conveyancing solicitor in Rushden five minutes from me but she is not accepted by Britannia
It would be our pleasure to assist you select a conveyancing solicitor in Rushden on the Britannia panel. Please note that the conveyancers that we list do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Rushden. Using the find a conveyancing solicitor tool on this site, you can compare fees for conveyancing solicitors in Rushden and throughout England and Wales.
When it comes to leasehold conveyancing in Rushden what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Rushden. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the property
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I am the registered owner of a leasehold flat in Rushden, conveyancing having been completed May 2006. Can you work out an approximate cost of a lease extension? Equivalent flats in Rushden with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2094
You have 69 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
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 comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.