I am in the process of selling my apartment in Nuneaton and the estate agent has just e-mailed to say that the buyers are changing their property lawyer. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Nuneaton ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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. 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 unlikely to have any sway in the decision.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the RBS Solicitor panel ahead of completing my conveyancing in Nuneaton?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various online forums that I have frequented warn that are the main cause of stalling in Nuneaton house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Nuneaton.
Is it possible to transfer to a new conveyancer as I have to instruct one who is on the Bank of Scotland conveyancing list. I had appointed a family conveyancing solicitor in Nuneaton five minutes from me but she is not accepted by Bank of Scotland
We will our best to assist in finding you a conveyancing solicitor in Nuneaton on the Bank of Scotland panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Nuneaton. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Nuneaton.
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 found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Nuneaton. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Nuneaton ?
Most houses in Nuneaton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Nuneaton in which case you should be shopping around for a Nuneaton conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I am the registered owner of a studio flat in Nuneaton, conveyancing having been completed July 2006. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Nuneaton with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2078
You have 59 years unexpired the likely cost is going to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.