I am nearing exchange of contracts for my maisonette in Lanchester and the EA has just e-mailed to say that the purchasers are changing their solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Lanchester ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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 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 buyers are not going to have any impact on this.
Our Lanchester conveyancer has spotted a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the title deeds. My solicitor says that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am selling my house. My former solicitors closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Lanchester if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Lanchester. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
Having had my offer accepted I require leasehold conveyancing in Lanchester. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Lanchester - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a basement flat in Lanchester, conveyancing was carried out 7 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? Equivalent properties in Lanchester with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2073
With 54 years remaining on your lease we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
My partner and I have had DIP from Coventry Building Society who said we could borrow up to £117k. At what point do I need to instruct a practitioner for conveyancing? Lanchester is where we plan to move to.
It would be wise to appoint a property lawyer now and ask them to open a file on your behalf. This will trigger: 1) the selling agent to issue a Sales Memorandum to the relevant parties 2) the seller’s solicitor to submit the draft agreement. That being said, do not ask your conveyancer to order searches until you receive your valuation report via Coventry Building Society and you are happy to move forward.