I am nearing exchange of contracts for my maisonette in Stanwick and the EA has just telephoned to say that the purchasers are changing their conveyancer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to select for their conveyancing in Stanwick ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. The purchasers are not going to have any sway in the decision.
It is is a decade since I bought my house in Stanwick. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the deeds. Is this a major issue?
You need not be too concerned. First the deeds may be kept by your lender or they could be archived with the lawyers who oversaw the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Stanwick involves registered property but in the unlikely event that your home is unregistered it is more tricky but is resolvable.
A colleague advised me that if I am purchasing in Stanwick I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Stanwick conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Stanwick around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stanwick Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Stanwick.
Should I instruct a Stanwick conveyancing solicitor who is local to the property I am buying? An old friend can handle the legal formalities however they are based approximately 350miles away.
The primary upside of using a high street Stanwick conveyancing practice is that you can attend the office to execute documents, deliver your ID and pester them where appropriate. Having local Stanwick know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that should outweigh using an unfamiliar Stanwick conveyancing solicitor solely due to them being local.
If all goes to plan we aim to complete the sale of our £200,000 apartment in Stanwick on Tuesday in a week. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Stanwick?
Stanwick conveyancing on leasehold apartments often involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They are at liberty to charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
Leasehold Conveyancing in Stanwick - Examples of Queries before buying
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Where a Stanwick lease has less than 80 years it will affect the marketability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. For most Stanwicklease extensions you would need to own the property for two years before you are eligible to extend the lease. Many Stanwick leasehold properties will have a service charge for maintenance of the building invoiced on behalf of the management company. If you buy the apartment you will have to pay this amount, normally in instalments during the year. This can differ from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a large amount, say around £25-£75 but you should to enquire it because on occasion it can be many hundreds of pounds. The answer will be important as a) areas may cause problems for the block as the common areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to know about it
I have today placed an offer on a leasehold flat in Stanwick and the estate agent that we are dealing with suggested his conveyancing practitioner. She quoted £800 excluding VAT and disbursements. Does this sound like a good deal?
You should not rely on a single quote. You should obtain like-for-like quotes for your conveyancing in Stanwick. Then pick one that you are comfortable with and just as important, is on the approved list of the bank that you are sourcing your mortgage from.