I am six weeks into the sale of my house in Saxilby and the EA has just e-mailed to say that the purchasers are changing their solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Saxilby ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened 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. 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. The purchasers are not going to have any sway in the decision.
Our conveyancer has discovered a a problem with the lease for the apartment we are purchasing in Saxilby. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender provisions have to be complied with.
My flat in Saxilby is up for sale and I have a purchaser. Does the solicitor need to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
About to purchase a new build apartment in Saxilby. 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.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Saxilby
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
We are 3 weeks into a freehold purchase having been recommend to solicitors by the local agent to execute conveyancing in Saxilby. I am not happy. Can you you assist me in finding new solicitors?
They would have to be very poor in order to consider changing them. Has your mortgage been issued? In the event that it has you need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. The conveyancer should be on the banks panel to avoid added expenses and frustration. So that should be your starting point. The find a solicitor tool should assist you in finding a lender approved conveyancer for your home move in Saxilby
I’m about to sell my basement flat in Saxilby. Conveyancing is yet to be initiated, however I have just received a half-yearly service charge invoice – Do I pay up?
It best that you pay the maintenance contribution as usual as all ground rent and service payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a garden flat in Saxilby, conveyancing having been completed September 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Saxilby with an extended lease are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2090
With just 65 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.