I am selling my home in Shifnal and the EA has just text me to advise that the buyers are changing their solicitor. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Shifnal ?
Mortgage companies 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 sway in the decision.
Will our conveyancer be raising questions regarding flooding as part of the conveyancing in Shifnal.
Flooding is a growing risk for solicitors dealing with homes in Shifnal. There are those who purchase a house in Shifnal, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Shifnal. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a buyer may issue a legal claim for losses as a result of such an inaccurate answer. The purchaser’s conveyancers may also commission an enviro report. This will disclose whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.
I used Stirling Law several years ago for my conveyancing in Shifnal. Now, I need the documents but cannot find the solicitor. What do I do?
Do call 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 Shifnal 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.
I'm buying a new build house in Shifnal with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of extras instead. The estate agent advised me not inform my solicitor about this deal as it could put at risk my loan with Coventry Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 using a search engine for the words conveyancing in Shifnal it shows results of many property lawyersin the vicinity. With so much choice what is the best way to find the right conveyancer for me?
The preferential method of choosing the right conveyancer is through a trusted referral, so enquire of friends and relatives who have acquired a property in Shifnal or the reputable estate agent or financial adviser. Charges for conveyancing in Shifnal vary, so it's advisable to request at least four quotes from different solicitors. Be sure to seek confirmation what costs in the quote includes.
I am looking at a two maisonettes in Shifnal which have in the region of forty five years left on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Shifnal is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shifnal conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a basement flat in Shifnal, conveyancing formalities finalised in 2002. How much will my lease extension cost? Equivalent flats in Shifnal with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2091
With just 65 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.