I am in the process of selling my house in East Coker and the EA has just text me to advise that the purchasers are changing their law firm. The excuse is that the lender will only work with property lawyers on their approved list. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in East Coker ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent 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 over 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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 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. Your purchasers are not going to have any sway in the decision.
I had intended to instruct a conveyancing solicitor in East Coker for our home move. Our financial adviser has since notified us that our mortgage lenders Barclays Direct won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies ordinarily imposes restrictions either the type or the volume of conveyancing practices on their panel. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the type of firm, a few banks have limited the number of firms they use to act for them. Be aware that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains mixed opinions concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near East Coker only execute very few conveyances a year.
We are purchasing a house and the solicitor has mentioned Chancel Repair for which the house could be liable because it falls into the area of such a church. She has mentioned insurance. Is this strictly necessary for conveyancing in East Coker
Unless a prior acquisition of the premises completed post 12 October 2013 you can assume that lawyers handling conveyancing in East Coker to continue to advocate a chancel search and or insurance against a claim.
How does conveyancing in East Coker differ for newly converted properties?
Most buyers of new build property in East Coker approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in East Coker usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in East Coker or who has acted in the same development.
I have just appointed agents to market my 2 bed apartment in East Coker. Conveyancing solicitors are to be appointed soon, but I have recently received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as you normally would as all rents and maintenance invoices should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a ground floor flat in East Coker, conveyancing was carried out March 2000. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in East Coker with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2074
With 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.
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 in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should 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.