I am selling my house in Sherston and the estate agent has just called to say that the buyers are changing their property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Sherston ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last 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 decades.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 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. Your buyers are unlikely to have any impact on this.
I am purchasing a newly built flat in Sherston and my solicitor is telling me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I'm buying a new build house in Sherston with a mortgage from Clydesdale. The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my lawyer about the extras as it may put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am selling my house. My past lawyers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Sherston if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Sherston. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.
My brother has suggested that I use his conveyancing solicitors in Sherston. Should I use them?
Much as we are happy to recommend a Sherston conveyancing lawyer the ideal way to choose a conveyancing solicitor is to have guidance from friends or family who have actually previously instructed the firm you're are thinking of instructing.
Can you provide any top tips for leasehold conveyancing in Sherston with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Sherston can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming formality and delays many a Sherston conveyancing deal. Where a reissued share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Some Sherston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
I purchased a 1st floor flat in Sherston, conveyancing was carried out in 2012. How much will my lease extension cost? Similar properties in Sherston with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
You have 59 years left to run the likely cost is going to be between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.