I am selling my maisonette in Byker and Walker and the EA has just called to say that the buyers are switching law firm. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Byker and Walker ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 unlikely to have any impact on this.
I have given 8 weeks notice to my current landlord and have to vacate my let out apartment in Byker and Walker by 17/4/2019. Conveyancing on my purchase is progressing. Can I complete in a couple of weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to serve notice on a rental unless exchange of contracts has taken place. Assuming that you have not already done so, contact to your lawyer and ask them to they apply pressure on the sellers lawyers, try to an acceptable time-line that all parties will work towards
My fiance and I wish to acquire a newbuild apartment in Byker and Walker with a loan from Bank of Scotland.We like our Byker and Walker conveyancing lawyer but Bank of Scotland informed us her practice is not listed on their approved list of firms. We have to appoint a Bank of Scotland panel solicitor or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Bank of Scotland use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, a common one being that lawyers must be on the Bank of Scotland approved list. in the past, most lenders had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Scotland
All being well we will complete the disposal of our £375,000 maisonette in Byker and Walker in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Byker and Walker?
Byker and Walker conveyancing on leasehold maisonettes usually necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are entitled to invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to complete the sale of your home.
I invested in buying a studio flat in Byker and Walker, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Byker and Walker with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2088
With 69 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
How much will conveyancing in Byker and Walker cost?
The amount you are charged for conveyancing in Byker and Walker will vary considerably from solicitor to solicitor. This makes it is particularly important that you have a full summary of costs when you first instruct a solicitor. One should always seek a couple like for like quotes.