I am in the process of selling my flat in Wheathampstead and the estate agent has just called to advise that the purchasers are switching solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Wheathampstead ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been narrowed 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 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 buyers are unlikely to have any impact on this.
five months have elapsed following my purchase conveyancing in Wheathampstead completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Wheathampstead. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Wheathampstead
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared.
Is it best to use a Wheathampstead conveyancing lawyer based in the location that I am buying? An old friend can execute the legal work however her office is 200kilometers away.
The benefit of a high street Wheathampstead conveyancing practice is that you can drop in to sign documents, present your identification documents and pester them where appropriate. They will also have local intelligence which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were happy that must surpass using an unknown Wheathampstead conveyancing solicitor solely due to them being Wheathampstead based.
We are in the midst of selling our flat in Wheathampstead. Conveyancing is fine but we are being charged a fortune from the landlord. So far we have forked out £268 for a leasehold management information and then another £118 for additional questions raised by the purchaser's solicitor.
Neither you or your conveyancer will have any impact over the level of the bill for this information but the average fee for the information for Wheathampstead leasehold premises is £360. When it comes to Wheathampstead conveyancing transactions it is conventional for the seller to pay for these costs. The landlord or their agents are under no legal obligation to address these questions most will agree to do so - albeit often at exorbitant prices out of proportion to the work involved. Unfortunately there is no legislation that requires fixed charges for administrative tasks. There is no legal time frame by which they are obliged to provide the information.