I am nearing exchange of contracts for my maisonette in Linslade and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Linslade ?
Lenders 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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 unlikely to have any sway in the decision.
The Linslade conveyancing firm handling our Linslade conveyancing has discovered a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
We note that you have a post code search directory identifying law firms on the Leeds Building Society conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Linslade?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Linslade.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to use a local conveyancing solicitor in Linslade?
Do check but the the likelihood is that appoint one of their panel conveyancers where you accept the "fee-free" offer. Contact the bank to explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Linslade.
I would like to sublet my leasehold flat in Linslade. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Linslade do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I acquired a 2 bed flat in Linslade, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Linslade with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2085
You have 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.