I am in the process of selling my house in Tring and the EA has just telephoned to say that the buyers are switching conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Tring ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies 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 claims that it is hearing daily from firms 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. Your purchasers are unlikely to have any sway in the decision.
When it comes to mortgage companies such as Co-operative, do Tring property lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Intending to buy a apartment in Tring. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Tring conveyancer is on the HSBC conveyancing panel.
At last I have had an offer on a flat in Tring accepted, but there is a chain. The sellers have offered on somewhere, but it’s not yet agreed to, and have viewings of other apartments booked. I have selected a bricks and mortar conveyancing solicitor in Tring. What should be my next step? When do I get the mortgage application with Nottingham started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Tring conveyancing search fees, etc). First, you should check that your property lawyer is on the Nottingham conveyancing panel. As to the next phase this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. During a buoyant market the majority of purchasers will apply for a home loan with Nottingham and pay for the valuation and only if it was satisfactory would they ask their property lawyer to press on with the conveyancing in Tring.
Various web forums that I have visited warn that are the primary cause of stalling in Tring house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Tring.
If all goes to plan we aim to complete our sale of a £475,000 garden flat in Tring next Thursday. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Tring?
For the majority of leasehold sales in Tring conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-contract enquiries
Where consent is required before sale in Tring
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a leasehold flat in Tring, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Tring with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease runs out on 21st October 2096
With just 71 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
My mother and father are experiencing problems in finding their Tring property on the HM Land Registry website. They have a vague memory fifty years ago when they acquired the house there were complications with the post code not being recognised in some systems.
Nearly all premises in Tring should appear. Have you endevoured to search with just the postcode. Ordinarily it will reveal all the premises inside the postcode. Assuming the property is recorded it will show up with a title number. Where they bought fifty years ago it's conceivable it may be unregistered. The property may still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title documentation which might be with your parent’s lender.