I am selling my home in Biggleswade and the EA has just called to say that the buyers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Biggleswade ?
UK lenders have always had panels of law firms they are content to work with, but in recent 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 more than 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 says 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 purchasers are unlikely to have any sway in the decision.
I am the registered owner of a freehold house in Biggleswade yet pay rent, why is this and what is this?
It’s unusual for properties in Biggleswade and has limited impact for conveyancing in Biggleswade but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather instruct a Biggleswade based conveyancing firm?
You should check but the the probability is that allocate you one of their panel solicitors if you take up the "fee-free" incentive. Contact the lender to check if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Biggleswade.
My partner has urged me to instruct his conveyancers in Biggleswade. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to have referrals from friends or relatives who have actually used the conveyancer that you are contemplating using.
Planning to sign contracts shortly on a leasehold property in Biggleswade. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Biggleswade should include some of the following:
You would want to receive a copy of the lease You need to be told what counts as a Nuisance as far as the lease is concerned Your lawyers should enable you to have an understanding of the insurance obligations An explanation concerning the obligations as set out in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a leaseholder enjoys The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I bought a ground floor flat in Biggleswade, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Biggleswade with an extended lease are worth £195,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2084
With only 63 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.