I am selling my house in Ashington and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Ashington ?
Banks have always had panels of law firms they are content to work with, 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 worked with them for many years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed 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 says it is hearing daily from firms that have been removed from panels. Some 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.
I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather instruct a Ashington based conveyancing firm?
You should check but the the probability is that give you one of their panel conveyancers where you accept the "fee-free" offer. Call the lender and check if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Ashington.
3 months have elapsed since my purchase conveyancing in Ashington concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 property 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.
How does conveyancing in Ashington differ for new build properties?
Most buyers of new build property in Ashington contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because builders in Ashington tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Ashington or who has acted in the same development.
Is it best to appoint a Ashington conveyancing solicitor who is local to the property I am buying? An old friend can perform the conveyancing but her office is 300miles away.
The primary upside of using a local Ashington conveyancing practice is that you can visit the firm to sign paperwork, deliver your identification documents and pester them if necessary. Having local Ashington know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were impressed that must surpass using an unfamiliar Ashington conveyancing lawyer just because they are Ashington based.
My wife and I purchased a leasehold house in Ashington. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Ashington who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Ashington conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Ashington - Examples of Queries Prior to Purchasing
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Its a good idea to discover as much as you can regarding the company managing the building as they can either make your life much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the tidiness of the common parts. Enquire of other people what they think of their management. In conclusion, be sure you discover the dates that the maintenance fees are due to the relevant party and precisely what you get for your money. How much is the ground rent and service charge? Best to be warned whether window replacement or some other major work is due shortly to be shared between the leasehold owners and will dramatically increase the the maintenance charges or result in a one off payment.