I am nearing exchange of contracts for my flat in Treharris and the EA has just e-mailed to advise that the purchasers are changing their solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Treharris ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your purchasers are not going to have any sway in the decision.
Our lender has recommended a law firm on their panel based in Treharris but I would rather instruct a conveyancing lawyer in Treharris round the corner to me. Can you assist?
Far from all Treharris conveyancing practitioners are on all lender’s conveyancing panel. Do make use of our search tool to identify a Treharris conveyancing firm on the on the bank panel.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Treharris is where the house is located. Can you shed any light on this issue?
Flying freeholds in Treharris are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Treharris you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Treharris may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I use your search app to select a conveyancing lawyer in Treharris on the panel for my lender?
1st select a mortgage company such as Birmingham Midshires, Chelsea Building Society or Clydesdale then choose your location e.g. Treharris. Conveyancing organisations in Treharris and beyond should be identified.
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Treharris. I now want to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole a specialist may be helpful to carry out a search and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Treharris.
I inherited a studio flat in Treharris, conveyancing formalities finalised in 1999. How much will my lease extension cost? Similar flats in Treharris with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2079
With only 54 years left to run we estimate the premium for your lease extension to range between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Do online conveyancing organisations undertake everything a local Treharris solicitor does or must I employ a solicitor for the final stages for my conveyancing in Treharris?
Where you use an online conveyancer they will cover all the tasks your Treharris conveyancer would cover.