I am in the process of selling my flat in Burnham and the estate agent has just text me to say that the buyers are switching law firm. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Burnham ?
Lenders have always had panels of law firms that can act for them, 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 acted for them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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 not going to have any sway in the decision.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Burnham?
There are many registered licenced Conveyancers in Burnham and Solicitor firms in Burnham who can assist with your conveyancing We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can conduct associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Can you point me to a directory of Co-operative panel conveyancers in Burnham on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few mortgage companies make their panel listings visible over the internet. If you are seeking to appoint a Burnham conveyancing practitioner on the Co-operative please make the most of our facility.
My husband and I have arranged the release of further monies on our home loan from Santander as we intend to carry out renovations to our home in Burnham. Are we obliged to select a local Burnham solicitor on the Santander conveyancing panel to handle the legals?
Santander would not normally instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Burnham is the location of the property. What do you suggest?
Flying freeholds in Burnham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burnham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burnham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to find a conveyancing solicitor for purchase conveyancing in Burnham. I have stumble upon a web site which appears to be the perfect solution If there is a chance to get all this stuff completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a reputable estate agency in Burnham where we see a few flat sales put at risk due to short leases. I have received inconsistent advice from local Burnham conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
I am the registered owner of a ground floor flat in Burnham, conveyancing was carried out February 1999. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Burnham with an extended lease are worth £195,000. The ground rent is £45 yearly. The lease terminates on 21st October 2083
With only 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.