I am selling my ground floor flat in Southsea and the EA has just e-mailed to say that the purchasers are switching law firm. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain law firms rather the firm that they want to select to handle their conveyancing in Southsea ?
UK lenders have always had panels of law firms that can represent them, but in recent 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 decades.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 not going to have any sway in the decision.
Do the Building Society Association intend to launch a online directory to to identify solicitors on the Coventry BS conveyancing panel for example in Southsea?
Lexsure has not been advised of any intention on the part of the BSA to develop such a tool.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who did the conveyancing in Southsea 4 years ago have long since closed. What are my next steps?
Nowadays there are duplicates made of almost everything, and your solicitor should know exactly where to find all the relevant paperwork so you may buy or dispose of your house without a hitch. If copies are not available, your conveyancer can put in place insurance or indemnities against future claims on your premises.
I'm purchasing my first flat in Southsea with a loan from Virgin Money. The builders refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not inform my conveyancer about the deal as it could adversely affect my mortgage with the bank. 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.
We are four weeks into a leasehold purchase having been referred to conveyancers by the local agent to execute conveyancing in Southsea. I am am starting to be dissatisfied with the level of service. Can you help me find new conveyancers?
A solicitor would need to be really bad in order to consider diss instructing them. Has the mortgage offer been sent? In the event that it has you need to inform them of the new conveyancer and get the offer are issued to the new lawyers. Your solicitor ideally should be on the mortgage company panel to avoid supplemental charges and frustration. So that should be your starting point. Our search tool will help you find a bank approved lawyer for your home move in Southsea
I am intending to sublet my leasehold flat in Southsea. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Southsea conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without first obtaining consent. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I purchased a ground floor flat in Southsea, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Southsea with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2079
You have 54 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.