I am progressing with the sale of my flat in Lancaster and the EA has just text me to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Lancaster ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent 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 decades.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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. Plenty of firms 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 purchasers are unlikely to have any impact on this.
My wife and I are intent on selling our house in Lancaster and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing firm rather than a conveyancing solicitor in Lancaster. We have lived in Lancaster for 5 years we know of no issue. Should we get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
It has been five months following my purchase conveyancing in Lancaster concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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.
I am buying a new build house in Lancaster benefiting from help to buy. The sellers would not budge the price so I negotiated £7000 of extras instead. The sale representative told me not to tell my conveyancer about this deal as it will adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My father has urged me to appoint his lawyers for conveyancing in Lancaster. Should I use them?
Much as we are happy to recommend a Lancaster conveyancing lawyer the ideal way to select a conveyancing practitioner is to seek referrals from friends or family who have experience in using the conveyancer you're considering.
Can you offer any advice when it comes to choosing a Lancaster conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Lancaster conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Lancaster conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How familiar is the firm with lease extension legislation? Can they put you in touch with clients in Lancaster who can give a testimonial?
I purchased a basement flat in Lancaster, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Lancaster with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2104
With 78 years unexpired the likely cost is going to range between £7,600 and £8,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.