I am one month into the sale of my maisonette in Yoxall and the EA has just telephoned to warn that the buyers are switching law firm. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Yoxall ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened 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 being contacted daily by practices 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 impact on this.
We were just about to sign contracts for a semi detached house in Yoxall. We have hit a stumbling block. Our loan offer with Britannia runs out on 28/7/2025 but the owners are insisting on a completion date of 30/7/2025. Can one prolong the loan offer?
The best person to address this question is your conveyancer who will hopefully assess if they should be discussing with the bank, owner’s solicitors, estate agents or possibly all parties taking into account the circumstances your conveyancing to date.
Do commercial conveyancing searches disclose planned roadworks that could impact a commercial property in Yoxall?
Its becoming the norm that commercial conveyancing solicitors in Yoxall will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Yoxall. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Yoxall.
For every commercial conveyancing transaction in Yoxall it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Yoxall commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Yoxall.
I am buying my first flat in Yoxall benefiting from help to buy. The builders would not reduce the price so I negotiated 6k of extras instead. The property agent told me not disclose to my lawyer about this side-deal as it could put at risk my loan with The Royal Bank of Scotland. Is this normal?.
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 work for a long established estate agent office in Yoxall where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Yoxall conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?
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 proposed purchaser 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 prior to, or at the same time as 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.
Yoxall Leasehold Conveyancing - Sample of Queries Prior to buying
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What prohibitions are contained in the Yoxall Lease? Where a Yoxall lease has less than 80 years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would be be obliged to have owned the premises for a couple of years before you are entitled to carry out a lease extension. The prefered form of lease arrangement is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is usually employed where it is larger than a house conversion, the managing agent employed by the leaseholders.
My boyfriend is buying a shared ownership flat in Yoxall. He was given a quote by the conveyancer connected to the estate agents totaling £1245 . It was ten years ago since I sold and bought a home and it cost was £450. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Yoxall searches, land registry fees, etc)