I am selling my house in Heysham and the EA has just text me to warn that the buyers are swapping solicitor. The reason given is that the lender will only deal with solicitors on their approved list. Why would a major lender only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Heysham ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened 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 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. The buyers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Heysham? Is this really warranted?
To satisfy the Money Laundering Regulations any Heysham conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Due to the input of my in-laws I had a survey completed on a house in Heysham prior to appointing solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders may refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Heysham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Heysham to see if the conveyancing will be more expensive.
My husband and I are 3 weeks into a freehold purchase having been recommend to solicitors by the high street agent to do our conveyancing in Heysham. I am am starting to be frustrated with the quality of service. Could you help me find new conveyancers?
A solicitor would need to be very poor in order to consider diss instructing them. Has the mortgage been sent? In the event that it has you must inform them of the new contact details and ensure the mortgage documents are re-sent. Your new solicitor ideally needs to be on the lenders panel to avoid supplemental costs and frustration. So that should be your starting point. The search tool will assist you in finding a bank approved lawyer for your home move in Heysham
Last May I purchased a leasehold property in Heysham. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 bought a basement flat in Heysham, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Heysham with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2080
You have 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.