I am five weeks into the sale of my apartment in Watnall and the estate agent has just telephoned to warn that the purchasers are switching property lawyer. The excuse is that the bank will only work 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 appoint for their conveyancing in Watnall ?
Banks have always had panels of law firms that can represent 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 more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – 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 claims that 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 not going to have any impact on this.
I have todaybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Watnall for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Watnall conveyancing specialists.
I am buying my first flat in Watnall with a mortgage from Barclays Direct. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative advised me not disclose to my conveyancer about this extras as it may affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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 am selling my home. My past solicitors closed down. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Watnall if that makes a difference.
Please use our search tool to help you choose a solicitor for your conveyancing in Watnall. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Do you have any top tips for leasehold conveyancing in Watnall with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Watnall can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Watnall leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the paperwork in place do not communicate with the landlord without checking with your solicitor in the first instance. If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a duplicate share certificate is often a time consuming process and delays many a Watnall home move. If a duplicate share is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
I bought a basement flat in Watnall, conveyancing formalities finalised November 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Watnall with an extended lease are worth £216,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2094
You have 69 years left to run the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Our solicitor in Watnall has identified a a problem with the lease for the apartment we are purchasing in Watnall. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Watnall conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the lender