I am nearing exchange of contracts for my apartment in Llanarth and the EA has just text me to warn that the buyers are switching conveyancer. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Llanarth ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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. Some 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 not going to have any impact on this.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to use a local conveyancing solicitor in Llanarth?
Do check but the chances are that appoint one of their panel lawyers if you want the "fee-free" incentive. Call the mortgage company to check if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Llanarth.
I need to find a conveyancing solicitor for sale conveyancing in Llanarth. I have discover a web site which looks to be the perfect offering If there is a chance to get all the legals completed via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to finding a Llanarth conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Llanarth conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Llanarth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
What volume of lease extensions has the firm carried out in Llanarth in the last twenty four months? What are the costs for lease extension work?
I purchased a studio flat in Llanarth, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Llanarth with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2089
With 70 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information 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. You should not move forward placing reliance on this information without first getting professional advice.
The mortgage broker has suggested using their conveyancing practitioner for my conveyancing in Llanarth - Is it not simpler easier to just use them?
It is worth checking if the estate agent is recommending a lawyer or introducing to a lawyer. There are plenty of Llanarth estate agents who recommend two or three Llanarth conveyancing firms purely based on those lawyers offering a great service.