I am in the process of selling my maisonette in Winscombe and the estate agent has just called to say that the purchasers are changing their conveyancer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Winscombe ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason 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 says 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. The buyers are unlikely to have any impact on this.
We are looking to buy a property and require a conveyancing solicitor in Winscombe who is on the RBS approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for RBS . We don't recommend any particular firms conducting conveyancing in Winscombe.
Do I need to pay for insurance to cover chancel repairs when buying a residence in Winscombe?
Unless a prior acquisition of the house completed after 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Winscombe to remain recommending a chancel search and or chancel repair liability policy.
In what way does the Landlord & Tenant Act 1954 affect my business property in Winscombe and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business lessees, giving them the dueness to make a request to court for a new tenancy and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Winscombe is one of our numerous areas of the UK in which our lawyers are based
I work for a reputable estate agent office in Winscombe where we have witnessed a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Winscombe conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a studio flat in Winscombe, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Winscombe with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2087
With only 68 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus 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 in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.