I am one month into the sale of my ground floor flat in Shenley and the estate agent has just text me to say that the purchasers are switching law firm. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Shenley ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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 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 buyers are unlikely to have any impact on this.
My Shenley solicitor has uncovered an inconsistency when comparing the assumptions in the valuation survey and what is revealed within the title deeds. My lawyer informs me that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Shenley differ for new build properties?
Most buyers of new build residence in Shenley contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Shenley tend to 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 property lawyers 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 Shenley or who has acted in the same development.
Taking into account that I am about to part with 450k on a terraced house in Shenley I would like to have a conversation with the lawyer about myconveyancing ahead of giving the go ahead to the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer who will be conducting your conveyancing in Shenley.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Shenley should be the amount on the final invoice that you are charged.
Am I better off to use a Shenley conveyancing lawyer based in the location that I am buying? We have a good friend who can carry out the legal formalities however his firm is located 400kilometers drive away.
The primary upside of using a local Shenley conveyancing practice is that you can drop in to sign documents, hand in your ID and apply pressure on them if necessary. Having local Shenley know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were impressed that should outweigh using an unfamiliar Shenley conveyancing solicitor just because they are local.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Shenley conveyancing firm to assist?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Lease Extension decision for a Shenley property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired term as at the valuation date was 71.73 years.
When it comes to leasehold conveyancing in Shenley what are the most frequent lease problems?
Leasehold conveyancing in Shenley is not unique. All leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.