I am in the process of selling my ground floor flat in Stanley and the estate agent has just text me to warn that the buyers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Stanley ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – 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 says 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. The buyers are unlikely to have any sway in the decision.
Me and my fiancee are purchasing our first home. Our conveyancing practitioner has contact usto ask if we would like to take out additional conveyancing searches. As novices we in the dark as to what's relevant for conveyancing in Stanley
The quantity and type of Stanley conveyancing searches depends primarily on the property, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general attitude to risk. What matters is that you adequately understand what information each search could provide. Then you can make a decision if you consider that you need that search. Should you be uncertain, ask the conveyancing practitioner to advise.
Can I use your services to find a Conveyancing solicitor in Stanley even where I’m not buying or selling a house, for example where I wish to acquire a shop in Stanley with a mortgage from Lloyds TSB Bank?
Our search tool is predominantly used to help choose domestic conveyancing solicitors in Stanley but we have set out towards the bottom of this page some Stanley commercial conveyancing firms. You will need to speak with the company directly to check if they are also authorised to represent Lloyds TSB Bank
Will my lawyer be asking questions regarding flooding during the conveyancing in Stanley.
Flooding is a growing risk for solicitors conducting conveyancing in Stanley. There are those who purchase a property in Stanley, 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, adequate insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a various searches that may be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Stanley. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover if the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser may bring a claim for damages as a result of such an inaccurate response. A purchaser’s lawyers should also commission an environmental search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Stanley is the location of the property. Can you offer any opinion?
Flying freeholds in Stanley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stanley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stanley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am a negotiator for a busy estate agency in Stanley where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Stanley conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a split level flat in Stanley, conveyancing formalities finalised in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Stanley with a long lease are worth £216,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2095
With just 69 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered 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 getting professional advice.