I am nearing exchange of contracts for my ground floor flat in Canton and the EA has just called to say that the buyers are changing their conveyancer. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Canton ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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.
My uncle passed away six months ago and as sole heir and executor I was left the property in Canton. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Clydesdale will require that you use a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.
What does a local search tell me about the property we're purchasing in Canton?
Canton conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search is essential in every Canton conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I have recentlyfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Canton for a purchase of a leasehold flat 18 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Canton conveyancing specialists.
What are your top tips when it comes to appointing a Canton conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Canton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Canton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
If they are not ALEP accredited then why not? What are the charges for lease extension work?
I am the registered owner of a split level flat in Canton, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Canton with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2085
You have 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as costs.
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 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 clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.