I am progressing with the sale of my home in Swanscombe and the EA has just called to warn that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a big named lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Swanscombe ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, 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 blame a rise in fraud by way of justification for the reduction – criteria have been stiffened 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. Plenty of firms 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.
We're in Swanscombe, FTBs buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am due to move house in May. Does my conveyancing solicitor update the removal company on the day of completion. As an aside, can you recommend a removal company in Swanscombe. Conveyancing firm was organised prior to coming across this website.
On the day of completion you can collect the keys from the estate agent however this should only happen when the vendors conveyancers advise the agent that they acknowledge receipt of the completion payment and the keys can be released. You should tell the removal men that you are ready to move in. As a matter of policy we do not suggest a particular removal company but can help you find a conveyancing in Swanscombe or a lawyer with expertise in conveyancing in Swanscombe.
Two weeks ago we had a mortgage agreed in principle with UBS. Swanscombe conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS conducted the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Swanscombe off the council. I have a mortgage offer with TSB. 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 use 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 TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
How does conveyancing in Swanscombe differ for newly converted properties?
Most buyers of new build property in Swanscombe approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because builders in Swanscombe usually purchase 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 accustomed to new build conveyancing in Swanscombe or who has acted in the same development.
I am attracted to a couple of flats in Swanscombe both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.
I have had difficulty in trying to purchase the freehold in Swanscombe. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the price.
An example of a Lease Extension matter before the tribunal for a Swanscombe premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term as at the valuation date was 76 years.
My partner is buying a leasehold apartment in Swanscombe. Conveyancing estimates are coming in at around £1700. Is that reasonable?
The average fee in 2014 for conveyancing in Swanscombe was just over one thousand four hundred and fifty pounds not including Land Tax and Land Registry charges.