I am nearing exchange of contracts for my house in Markfield and the estate agent has just text me to say that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading lender only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Markfield ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 purchasers are unlikely to have any impact on this.
Have purchased a a detached house in Markfield , how long will it take for the Land Registry to record the transfer to my name? My Markfield conveyancing solicitor works at snail pace, so I want to be certain the registration is dealt with.
There is nothing unique when it comes to conveyancing in Markfield registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry communicate with any third parties. Currently approximately three quarters of submission are fully addressed in less than three weeks but occasionally there can be protracted delays. Registration occurs once the purchaser is living at the premises so post completion formalities is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
I was pointed in your direction by a couple of local estate agents in Markfield to select a solicitor using your seach tool. What’s the financial inducement for Estate Agents to promote your site rather than alternative conveyancing organisations?
We don’t give any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
In my capacity as executor for the will of my aunt I am selling a property in Swansea but live in Markfield. My solicitor (based 235 kilometers from merequires that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Markfield to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are based in Markfield
I am a negotiator for a reputable estate agency in Markfield where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Markfield conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a split level flat in Markfield, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Markfield with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2074
You have 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as costs.
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 detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.