I am selling my flat in Woking and the EA has just called to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Woking ?
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 Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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. The buyers are not going to have any sway in the decision.
Do all mortgage companies provide you with an approved list of Woking conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Woking conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
How do I find out if the solicitor carrying out my conveyancing in Woking is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Leeds Building Society thus paying £187.00 plus VAT in additional legal fees.
Please do make use of the find a conveyancing panel solicitor tool on this web page. Please choose the mortgage company and type ‘Woking’ or your preferred area and you will see numerous solicitors located in Woking or near you.
I used Arc property Solicitors several years past for my conveyancing in Woking. I now require my file however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Woking of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Woking I like with amenity areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Woking suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I am a negotiator for a reputable estate agent office in Woking where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Woking conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
Leasehold Conveyancing in Woking - Examples of Questions you should consider Prior to Purchasing
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What restrictions exist in the Woking Lease? Are there any major works in the near future that will increase the maintenance charges? It would be prudent to discover as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. Ask other tenants what they think of them. On a final note, investigate as to the dates that the maintenance fees are due to the managing agents and specifically what it includes.