I am one month into the sale of my apartment in Cullompton and the EA has just telephoned to say that the purchasers are appointing a new property lawyer. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Cullompton ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed 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 reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 buyers are unlikely to have any sway in the decision.
The owners have very pushy vendors who has insisted on a preliminary contract with a deposit two thousand pounds. Are such contracts appropriate for Cullompton conveyancing transactions?
Lock out agreements are agreements between a property vendor and purchaser granting the buyer exclusive rights to the sale of the property within a prescribed time frame. For all intents and purposes, a lock out is a document stating that you should be issued with a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer confidence though in some cases, the seller may stand to benefit from such agreements as well. There are various positives and negatives to using them but you should to check with your solicitor but beware that it may result in costing you more in conveyancing fees. In light of this these contracts are unusual in relation to conveyancing in Cullompton.
I have been told that property searches are the primary cause of stalling in Cullompton house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Cullompton.
What are your top tips when it comes to finding a Cullompton conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Cullompton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Cullompton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
What are the costs for lease extension conveyancing?
I own a 1 bedroom flat in Cullompton, conveyancing was carried out 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Cullompton with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2094
With only 71 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
Me and mypartner and I are searching for an affordable conveyancing lawyer in Cullompton to assist me in selling my place. I really don't want to get ripped off and there's so many Cullompton conveyancing solicitors out there...who's the best?
Where you’ve never instructed a conveyancing practitioner before, a personal recommendation via relatives or friends is a great place to start and is often a good gauge of quality. As an alternative option, view the Law Society’s online list of conveyancing solicitors in Cullompton or use our search facility to choose a conveyancing lawyer in Cullompton.