I am selling my house in Kimbolton and the estate agent has just e-mailed to advise that the purchasers are switching solicitor. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific solicitors rather the firm that they want to select for their conveyancing in Kimbolton ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – 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 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.
Can the conveyancing lawyers indexed on your site handle right to buy conveyancing in Kimbolton?
We have identified plenty of conveyancing experts carrying out right to buy transactions Do e-mail us in order to get a conveyancing quote.
We're in Kimbolton, First timers buying with a mortgage (lender is UBS , and our lawyer is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My father has suggested that I use his conveyancing solicitors in Kimbolton. Should I find my own property lawyer?
No doubt it’s preferable to find a conveyancing lawyer is to seek referrals from friends or relatives who have actually previously instructed the solicitor that you are contemplating using.
I am looking at a two flats in Kimbolton both have in the region of forty five years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I invested in buying a garden flat in Kimbolton, conveyancing having been completed 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Kimbolton with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2073
With only 50 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure above 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. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.