I am in the process of selling my home in Frampton Cotterell and the estate agent has just telephoned to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific law firms rather the firm that they want to select for their conveyancing in Frampton Cotterell ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any impact on this.
We are planning to acquire a property and need a conveyancing solicitor in Frampton Cotterell who is on the Nationwide approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Frampton Cotterell.
The deeds to our home are lost. The conveyancers who dealt with the conveyancing in Frampton Cotterell 4 years ago are no longer around. What are my options?
As long as you have a registered title the details of your proprietorship will be retained by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, find your house and secure current copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
How does conveyancing in Frampton Cotterell differ for new build properties?
Most buyers of new build premises in Frampton Cotterell come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Frampton Cotterell typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Frampton Cotterell or who has acted in the same development.
Last March I purchased a leasehold property in Frampton Cotterell. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a ground floor flat in Frampton Cotterell, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Frampton Cotterell with a long lease are worth £265,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2101
With just 76 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures 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 before seeking the advice of a professional.