I am selling my apartment in Suffolk and the EA has just text me to warn that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a major lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Suffolk ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed 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 says it is hearing daily from firms 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 buyers are not going to have any impact on this.
My partner and I are purchasing our first home. Our solicitor has messagedto ask if we would like to order additional conveyancing searches. We are really unsure what's relevant for conveyancing in Suffolk
The number and type of Suffolk conveyancing searches depends primarily on the premises, the location, the probability of any of these risks, your knowledge of the locality and risks, your general attitude to risk. What is important is that you properly appreciate what information the searches could give you. Then you can decide if you consider that you need that search. Should you be unsure, ask the lawyer to recommend.
At what point does exchange of contracts take place for sale conveyancing in Suffolk and do I need to attend the lawyers branch?
Where you are in close proximity to one of the conveyancing solicitors in Suffolk you are welcome to attend to sign contracts. However, the law practices we recommend offer countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when dealing with you by post or email. The executing of the purchase agreement is not the point of no return. A signed contract simply enables the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Suffolk)to be in the office at the appropriate time.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to instruct a high street conveyancing solicitor in Suffolk?
You should check but the chances are that give you one of their panel solicitors should you want the "fee-free" offer. Speak to the mortgage company and determine if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Suffolk.
I'm buying a new build house in Suffolk with a loan from Bank of Ireland. The developers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not reveal to my lawyer about the side-deal as it would put at risk my loan with the lender. Should I keep quiet?.
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.
I've recently bought a leasehold flat in Suffolk. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a basement flat in Suffolk, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Suffolk with a long lease are worth £165,000. The ground rent is £50 per annum. The lease ends on 21st October 2103
With only 77 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.