I am progressing with the sale of my home in Tidworth and the estate agent has just text me to say that the purchasers are appointing a new solicitor. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Tidworth ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Tidworth? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you need to sign will no doubt confirm this. Your lender will also require certain documents to be viewed. Where you refuse to provide identification documents, your conveyancer would not be able to act for you.
My colleague suggested that if I am purchasing in Tidworth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Tidworth conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Tidworth around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Tidworth.
Should I be wary about 3rd parties that I am dealing with are encouraging me to use an online conveyancing firm rather than a High Street Tidworth conveyancing company?
As with many service providers, often suggestions from relatives can be very helpful. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to retain. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are free to appoint your own lawyer. You need to be aware that most banks specify a panel list of lawyers you are obliged to use for the mortgage aspect of your transaction.
We expect to complete the sale of our £150,000 apartment in Tidworth in nine days. The management company has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Tidworth?
For the majority of leasehold sales in Tidworth conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-contract questions
Where consent is required before sale in Tidworth
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 1st floor flat in Tidworth, conveyancing having been completed March 2001. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Tidworth with an extended lease are worth £179,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to range between £26,600 and £30,800 plus legals.
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 investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should 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.
How and when do I cover the costs of the Stamp Duty Land Tax due for my conveyancing in Tidworth?
Your conveyancing practitioner will fill out a stamp duty return for you during your Tidworth purchase transaction for signature. On completion your conveyancer will submit the STL application to the Inland Revenue and - assuming they have the funds - discharge any Stamp Duty liability on your behalf.