I am nearing exchange of contracts for my house in West Dean and the estate agent has just called to say that the buyers are changing their property lawyer. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in West Dean ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. 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. Your buyers are not going to have any impact on this.
What will a local search tell me concerning the property my wife and I purchasing in West Dean?
West Dean conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays a central part in most West Dean conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I acquired my house on 3 May and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in West Dean advises it would be recorded in less than a month. Are titles in West Dean uniquely lengthy to register?
There is nothing unique about conveyancing in West Dean registration formalities. Rather than based on location, timescales can differ subject to the party submitting the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. As of today approximately three quarters of such applications are fully dealt with in less than three weeks but some can be subject to protracted delays. Registration is effected after the buyer is living at the property thus 'speed' is not always primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in West Dean differ for newly converted properties?
Most buyers of new build residence in West Dean come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in West Dean usually acquire the real estate, 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 used to new build conveyancing in West Dean or who has acted in the same development.
If all goes to plan we aim to complete our sale of a £150,000 maisonette in West Dean on Wednesday in a week. The management company has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in West Dean?
West Dean conveyancing on leasehold flats often involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
I bought a 1 bedroom flat in West Dean, conveyancing was carried out in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in West Dean with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2086
You have 60 years unexpired the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Do I stop the direct debit for my mortgage with Coventry BS once a completion date for my home sale in West Dean has been set?
No, you must continue meeting any mortgage sums to Coventry BS pending the mortgage being paid off out of the proceeds of sale as part of your West Dean conveyancing.