I am selling my flat in Sandy and the EA has just text me to say that the purchasers are changing their solicitor. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Sandy ?
UK lenders have always had an approved set of law firms that can act for them, but in the past 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 more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. The purchasers are unlikely to have any impact on this.
We are downsizing from our house in Sandy and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the buyers instructed a web based conveyancing practice as opposed to a conveyancing solicitor in Sandy. We have lived in Sandy for many years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I used Arc property Solicitors a few years past for my conveyancing in Sandy. I now require my papers but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate 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 Sandy of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Sandy differ for new build properties?
Most buyers of new build or newly converted property in Sandy approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Sandy typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Sandy or who has acted in the same development.
I've recently bought a leasehold flat in Sandy. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a basement flat in Sandy, conveyancing was carried out in 2000. Can you work out an approximate cost of a lease extension? Comparable properties in Sandy with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease expires on 21st October 2086
With 60 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I'm purchasing a property in Sandy. I have found my conveyancer's company on the CLC list, but I can't see my lawyer's name on the list. Is this a big problem?
Not every individual in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unlicensed staff.