I am nearing exchange of contracts for my house in Frenchay Common and the EA has just text me to advise that the buyers are swapping solicitor. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Frenchay Common ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 not going to have any sway in the decision.
We are a couple about to sign contracts for a semi detached house in Frenchay Common. We encountered a stumbling block. Our mortgage offer with Santander expires on 23/4/2021 but the owners are suggesting a completion date of 27/4/2021. Is it possible to prolong the mortgage offer?
The person best placed to address this issue is your lawyer who will hopefully calculate whether they corresponding with the lender, seller’s representatives, estate agents or possibly all parties taking into account the history of your transaction as of today.
My husband and I are a couple of weeks into a freehold purchase having been recommend to a firm by the high street agent to carry out the conveyancing in Frenchay Common. I am am extremely frustrated with the level of service. Could you help me find new conveyancers?
They would need to be very bad in order to consider changing them. Has your mortgage offer been generated? If so you must make them aware of the new contact details and get the offer are issued to the new lawyers. Your new conveyancer needs to be on the banks approved list to avoid escalating expenses and frustration. That should be your first question of the new solicitors. The search tool should help you find a bank approved solicitor for your conveyancing in Frenchay Common
I am a negotiator for a busy estate agent office in Frenchay Common where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Frenchay Common conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 purchaser.
Frenchay Common Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
The answer will be useful as a) areas may result in problems in the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have all the details Are there any major works anticipated that will likely increase the service charges? Make sure you enquire if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in in a block in Frenchay Common. If you love the flatin Frenchay Common however your cat can’t move with you then you will be presented with a difficult decision.
Why can I not complete my conveyancing in Frenchay Common on Good Friday?
Because on completion the money needs to pass between the banks of the buyer and seller's lawyer and at present this can only happen on a business day. It is not possible to complete on a saturday or sunday either.