I am one month into the sale of my apartment in Syston and the EA has just e-mailed to warn that the buyers are appointing a new solicitor. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Syston ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. 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 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 buyers are not going to have any sway in the decision.
We are planning to acquire a house and require a conveyancing solicitor in Syston who is on the Nationwide conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Syston.
I have been told that property searches are the primary cause of stalling in Syston conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Syston.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Syston I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Syston for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have been advised by a number of selling agents in Syston to choose a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to market your lawyers ahead of a competitor’s?
We refuse to offer any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a reputable estate agent office in Syston where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Syston conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. 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 disposal of the property.
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 basement flat in Syston, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Syston with over 90 years remaining are worth £176,000. The ground rent is £50 per annum. The lease runs out on 21st October 2105
With 80 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. 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 want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.