I am in the process of selling my flat in Southam and the estate agent has just e-mailed to warn that the purchasers are appointing a new conveyancer. The reason given is that the lender will only deal with property lawyers on their approved list. Why would a leading lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Southam ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 says it is being contacted daily by practices that have been removed from panels. Some 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. The purchasers are not going to have any sway in the decision.
Some advice if I may. My Southam solicitor is assuring me that he has toorder Southam conveyancing searches due to the fact thatthe firm are on the Lloydsapproved lawyer panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Southam conveyancing searches.
We hope to to purchase with Coventry BS. I went into 3 or 4 high street practices but am unable to find a Southam conveyancing firm on the Coventry BS approved list. Could you assist?
You should make the most of the search tool on this site. Pick the lender and type Southam or your preferred area and you will see a number of lawyer located in Southam or nearest you.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Southam I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. There is not much else in Southam for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Are there any apps to assist me to search for a Southam law firm on the Godiva Mortgages Ltd conveyancing panel? I have a car and am willing to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the search on this page. Please choose the lender and your location and you will see a number of Southam conveyancing lawyers located nearest you. We have detailed some Southam conveyancing firms towards the end of this page and you can ring them to check whether they are on the Godiva Mortgages Ltd approved list
Expecting to exchange soon on a basement flat in Southam. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Southam should include some of the following:
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Information concerning the obligations in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a leaseholder has Ground rent - what is due and what the invoice dates are, and also know whether this is subject to change Who has the liability for maintaining the window frames Specifying your rights in relation to common areas in the block.For example, does the lease include a right of way over a path or staircase? What options are available to the landlord where you have breached the provisions of the lease?
I invested in buying a basement flat in Southam, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Southam with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2085
With 61 years remaining on your lease we estimate the price of your lease extension to span between £18,100 and £20,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.