I am progressing with the sale of my house in Nether Edge and the estate agent has just called to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Nether Edge ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 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. The purchasers are not going to have any sway in the decision.
Having spent time looking at online forums for an affordable lawyer in Nether Edge, many say that I must use a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's biggest lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Nether Edge is one of the numerous areas in England and Wales where there are CQS lawyers.
Are there restrictive covenants that are commonly picked up during conveyancing in Nether Edge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Nether Edge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Hoping to buy a property located in Nether Edge and I am already nervous. I couldn't find anything specific about Nether Edge. Conveyancing will be needed in due course but do you know about the Nether Edge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Nether Edge. In the meantime here are some basic statistics that we found
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Nether Edge. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Nether Edge are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Nether Edge so you should seriously consider looking for a Nether Edge conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I bought a 1 bedroom flat in Nether Edge, conveyancing was carried out in 2008. How much will my lease extension cost? Similar flats in Nether Edge with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2073
With only 54 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 plus legals.
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 in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.