I am nearing exchange of contracts for my ground floor flat in Fawley and the estate agent has just called to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Fawley ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud by way of justification for the reduction – 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 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 buyers are not going to have any impact on this.
My bank has recommended solicitors on their panel based in Fawley but I would rather choose a conveyancing lawyer in Fawley local to me. Are you able to assist?
Not all Fawley conveyancing practices are on all banks conveyancing panel. Use the above find an approved solicitor tool to find a Fawley conveyancing firm on the on the bank panel.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Fawley I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Fawley for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I am using a search engine for the words conveyancing in Fawley it shows results of numerous property lawyersin the vicinity. How do I determine which is the right property lawyer for the sale of my house?
The ideal way of finding the right conveyancer is through a personal referral, so seek the opinion of colleagues and those you trust who have bought a property in Fawley or a respected estate agent or mortgage broker. Fees for conveyancing in Fawley differ, so it's advisable to request at least three quotes from varying types of conveyancers. Be sure to obtain confirmation what costs in the quote includes.
I own a 2 bed flat in Fawley, conveyancing having been completed 3 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? Similar properties in Fawley with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 50
You have 50 years unexpired we estimate the premium for your lease extension to range between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.