I am selling my home in Williton and the EA has just e-mailed to warn that the buyers are appointing a new property lawyer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Williton ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. 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. 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 purchasers are not going to have any impact on this.
I own a freehold property in Williton but still charged rent, why is this and what is this?
It is rare for properties in Williton and has limited impact for conveyancing in Williton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am purchasing a garden flat in Williton. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Williton you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Williton.
I am looking to sell my property. My past solicitors have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in Williton if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Williton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
Planning to sign contracts shortly on a garden flat in Williton. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Williton should include some of the following:
Whether the lease restricts you from renting out the flat, or having a home office for business Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? You should know if the lease allows you to add or upgrade aspects of the premises- you should be made aware as to whether it applies to all alterations or limited to structural alteration, and whether licences for alterations is mandated necessary Does the lease prohibit wood flooring? Are you allowed to have a pet in the flat?
I acquired a 1 bedroom flat in Williton, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Williton with a long lease are worth £195,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2082
With just 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.