Find a Broughton In Furness Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Broughton In Furness? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Broughton In Furness conveyancing at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Broughton In Furness conveyancers for over 130 lenders.

Recently asked questions about conveyancing in Broughton In Furness

I am nearing exchange of contracts for my home in Broughton In Furness and the EA has just telephoned to warn that the buyers are changing their property lawyer. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Broughton In Furness ?

Lenders have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.

Banks point to the increase in fraud by way of justification for the cull – 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 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. Your purchasers are unlikely to have any sway in the decision.

I am in a contract race with another buyer for a property in Broughton In Furness. What can I do to hasten the legal process?

Where the seller is applying a tight deadline to complete it is highly recommended that your solicitor is familiar with the location as they will benefit local relationships and knowledge. It is possible that they could have conducted otherproperties in the same street. Therefore consider using a Broughton In Furness conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that 18% of Broughton In Furness conveyancing transactions are frustrated or derailed after finding out that a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the legal process being delayed by as much as three weeks. It is claimed that this issue affects approximately one hundred thousand home sales every year. Most Broughton In Furness conveyancing practices can not represent certain lenders so do check as early as possible.

We wanted to use a property lawyer in Broughton In Furness for our home move. Our broker informed us that our mortgage company TSB won't deal with them. Why is this not regarded as unfair competition?

Pre- 2008 most lenders had a different appetite for risk. Almost all Broughton In Furness conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Broughton In Furness conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Broughton In Furness is amongst the numerous locations where the solicitors showing on our search results are are authorised to act for TSB.

My relative recommended that if I am buying in Broughton In Furness I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

A search of this type is usually included in the estimate for your Broughton In Furness conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Broughton In Furness around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Broughton In Furness Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Broughton In Furness.

I work for a busy estate agent office in Broughton In Furness where we have experienced a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Broughton In Furness conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 purchaser.

I am the registered owner of a 1 bedroom flat in Broughton In Furness, conveyancing having been completed September 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Broughton In Furness with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2102

With just 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

Last updated

Find out more about how flying freehold can affect your the value of a property.