I am progressing with the sale of my ground floor flat in Royston and the estate agent has just text me to warn that the purchasers are appointing a new solicitor. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Royston ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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. 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 buyers are unlikely to have any impact on this.
Do the Building Society Association intend to launch a searchable register to to identify solicitors on the conveyancing panel for example in Royston?
LenderPanel has not been advised of any intention on the part of the BSA to promote such a search facility.
Is it best to instruct a Royston conveyancing lawyer in close proximity to the house I am hoping to buy? An old friend can handle the conveyancing but they are based over three hundred kilometers away.
The benefit of a high street Royston conveyancing firm is that you can visit the firm to execute documents, hand in your ID and apply pressure on them where appropriate. They will also have local insight which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that must surpass using an unknown Royston conveyancing lawyer just because they are Royston based.
I am the registered owner of a 1st floor flat in Royston, conveyancing was carried out 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? Corresponding flats in Royston with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 50
With 50 years remaining on your lease the likely cost is going to span between £36,100 and £41,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Should I cancel my mortgage payments with once a completion date for my home sale in Royston has been set?
No, you should keep paying any mortgage payments to pending the mortgage being discharged from the proceeds of sale as part of your Royston conveyancing.