I am one month into the sale of my house in Albrighton and the estate agent has just text me to say that the purchasers are changing their solicitor. The excuse is that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Albrighton ?
UK lenders have always had an approved set of law firms that can act for them, 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 acted for them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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 impact on this.
Will our solicitor be raising enquiries regarding flooding during the conveyancing in Albrighton.
The risk of flooding is if increasing concern for lawyers dealing with homes in Albrighton. There are those who purchase a property in Albrighton, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that can be carried out by the buyer or by their conveyancers which will figure out the risks in Albrighton. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to discover whether the premises has ever been flooded. In the event that the property has been flooded in past and is not revealed by the seller, then a buyer may issue a claim for damages stemming from an misleading reply. The buyer’s conveyancers should also commission an environmental search. This should reveal if there is any known flood risk. If so, further investigations will need to be initiated.
It has been five months following my purchase conveyancing in Albrighton completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Albrighton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Albrighton
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
What does commercial conveyancing in Albrighton cover?
Albrighton conveyancing for business premises incorporates a broad array of services, given by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Last July I purchased a leasehold property in Albrighton. Do I have any liability for service charges for periods before 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 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).
Albrighton Leasehold Conveyancing - Examples of Queries before buying
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Is the freehold owned jointly by the leaseholders? Best to be warned whether redecorating or some other significant cost is anticipated that will be shared between the leaseholders and will materially impact the level of the service charges or require a one off payment. Is anyone aware of any major works in the near future that will likely increase the maintenance charges?