I am in the process of selling my apartment in Kingswinford and the estate agent has just called to say that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Kingswinford ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed 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 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. Your buyers are unlikely to have any impact on this.
How does conveyancing in Kingswinford differ for newly converted properties?
Most buyers of new build premises in Kingswinford approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Kingswinford tend to 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 conveyancing solicitors 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 used to new build conveyancing in Kingswinford or who has acted in the same development.
Should I be wary about estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a High Street Kingswinford conveyancing practice?
As with many service providers, often suggestions from family and friends can be extremely useful or valuable. Yet there are lots of players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to instruct. Sometimes these solicitors might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to appoint your preferred lawyer. However, bear in mind that the majority of banks operate an approved list of solicitors you must use for the lender related work in your conveyancing.
My brother has encouraged me to instruct his conveyancers in Kingswinford. Do I follow his advice?
There are no two ways about it the best way to find a conveyancing lawyer is to get referrals from friends or family who have used the solicitor you're are thinking of instructing.
Back In 2001, I bought a leasehold flat in Kingswinford. Conveyancing and Platform Home Loans Ltd mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Kingswinford who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Kingswinford conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a leasehold flat in Kingswinford, conveyancing having been completed September 2010. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Kingswinford with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2076
With 57 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs 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 other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.