I am nearing exchange of contracts for my house in Sandiacre and the estate agent has just e-mailed to say that the purchasers are appointing a new solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Sandiacre ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, 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 attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed 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 says 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.
I am hoping to complete my purchase in Sandiacre next Thursday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not specific to conveyancing in Sandiacre.
Can your site be used to recommend a Conveyancing solicitor in Sandiacre even if I’m not purchasing or selling a house, for instance where I wish to acquire an office in Sandiacre with a mortgage from Alliance & Leicester ?
Our comparison service is mainly there to select domestic conveyancing solicitors in Sandiacre but we have listed towards the bottom of this page a few Sandiacre commercial conveyancing firms. You should speak with the company directly to check if they are also authorised to represent Alliance & Leicester
I used Action Conveyancing a few years past for my conveyancing in Sandiacre. Now, I need my documents but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Sandiacre of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Sandiacre is where the house is located. Can you offer any opinion?
Flying freeholds in Sandiacre are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sandiacre you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandiacre 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.
What are your top tips when it comes to appointing a Sandiacre conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Sandiacre conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Sandiacre conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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What are the costs for lease extension conveyancing? Can they put you in touch with clients in Sandiacre who can give a testimonial?
I inherited a studio flat in Sandiacre, conveyancing having been completed in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Sandiacre with a long lease are worth £165,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2102
You have 77 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.