I am nearing exchange of contracts for my house in Ogmore Vale and the EA has just telephoned to advise that the buyers are changing their property lawyer. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Ogmore Vale ?
Mortgage companies have always had panels of law firms that can represent them, 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 worked with them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. 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. The buyers are not going to have any sway in the decision.
Are you able to recommend a Birmingham Midshires sanctioned Ogmore Vale conveyancing practice who can have us moved in within less than a month? Would it be better to use a local Ogmore Vale conveyancer or an online comparison site?
We can recommend some very good Ogmore Vale conveyancing firms. You can also walk up the high street in Ogmore Vale. Approach some well established firms and request to see a conveyancing solicitor for a costs illustration. Mention your time frames together with the reasons and get a commitment on speed. Appoint the one that appears most efficient.
What does my ID and proof of funds have anything to do with my conveyancing in Ogmore Vale? What am I being asked for?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Ogmore Vale. Nowadays you will not be able to proceed with any conveyancing transaction without first providing evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Remember if you are supplying your driving licence as evidence of identification it must be both the paper part as well as the photo card part, one is not acceptable in the absence of the other.
Verification of the source of funds is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must have this information on file. Your Ogmore Vale conveyancing practitioner will require evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask additional questions regarding the source of funds.
I have recently realised that I have 68 years left on my lease in Ogmore Vale. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the freeholder. In some cases a specialist may be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Ogmore Vale.
I bought a garden flat in Ogmore Vale, conveyancing formalities finalised April 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Ogmore Vale with over 90 years remaining are worth £216,000. The ground rent is £50 yearly. The lease finishes on 21st October 2090
With 69 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. 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 clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Been on the hunt for a conveyancing practitioner for leasehold sale conveyancing in Ogmore Vale. We are selling, simple no mortgage to redeem, no rush, currently vacant. Had a quote from a property lawyer for £800 excluding VAT which is a tad expensive considering its so straightforward. Can I pay less for conveyancing in Ogmore Vale?
Given that it’s a sale only, £425 + VAT is likely to be about the best for a Ogmore Vale solicitor firm.