I am progressing with the sale of my flat in St Agnes and the estate agent has just e-mailed to say that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in St Agnes ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. 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 purchasers are unlikely to have any impact on this.
What is the difference between a licensed conveyancer and conveyancing solicitor in St Agnes
There are many recorded licenced Conveyancers in St Agnes and Solicitor firms in St Agnes offering conveyancing It is important to make clear that both are regulated professionals specialising in the legal work in the home buying process. Both can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
is it true that all St Agnes solicitor practices on the TSB conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the TSB conveyancing panel they would need to be regulated by the SRA. Some lenders do permit licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
I have decided to exercise my right to buy my property in St Agnes off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
How does conveyancing in St Agnes differ for newly converted properties?
Most buyers of new build property in St Agnes approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in St Agnes tend to buy the land, 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 conveyancing solicitors 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 St Agnes or who has acted in the same development.
I decided to have a survey done on a property in St Agnes before appointing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend refuse to give a loan on such a premises.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in St Agnes. Conveyancing will be smoother if you use a solicitor in St Agnes especially if they are accustomed to such properties in St Agnes.
Having checked my lease I have discovered that there are only Fifty years left on my flat in St Agnes. I now wish to extend my lease but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the landlord. On the whole a specialist should be useful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court covering St Agnes.
I purchased a basement flat in St Agnes, conveyancing having been completed September 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in St Agnes with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
With only 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Are all St Agnes conveyancers on every bank conveyancing panel?
You can use our search tool or you can drop into your local lender branch in St Agnes. Chances are that they will be in a position to list some approved conveyancing solicitors in St Agnes