I am in the process of selling my house in Burford and the estate agent has just text me to say that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Burford ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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. Your purchasers are not going to have any sway in the decision.
I am under pressure from the executor of a property in Burford to exchange within four weeks. What can be done to quicken up the conveyancing process?
First, If you are under a tight deadline to sign contracts it is advisable to make sure that your conveyancer is familiar with the location as they will have local contacts and know-how. It is possible that they would have handled otherhomes in the same road. You would be best advised to use a Burford conveyancing lawyer. Second, make sure that the conveyancing firm is on the member panel. It is claimed that nearly one in five of Burford conveyancing deals are delayed or derailed after discovering a buyer’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the conveyancing being held up by an average of three weeks. It is understood that this issue impacts approximately 100,000 home moves every year. Many Burford conveyancing practices can not act for certain mortgage companies so do check as early as possible.
we are a couple who are buying a 2 bedroom flat in Burford with a residential mortgage from Britannia.We have a Burford conveyancing lawyer but Britannia advised that his firm is not on their approved list of firms. We have to appoint a Britannia panel lawyer or retain our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, one of which will be that conveyancers must be on the Britannia solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Britannia
As co-executor for the will of my father I am disposing of a residence in Swansea but reside in Burford. My lawyer (based 235 kilometers from mehas requested that I execute a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Burford to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Burford based
Last August I purchased a leasehold house in Burford. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a ground floor flat in Burford, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Burford with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2087
With just 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.