I am selling my flat in Baldock and the EA has just e-mailed to advise that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Baldock ?
Mortgage companies have always had an approved set of law firms they are willing 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 worked with them for many years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened 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. 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 buyers are not going to have any sway in the decision.
I happen to be the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Baldock. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the property in January. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How sensible a view banks take of it, depend on the bank as this clause is chiefly there to capture subsales or the flipping of properties.
I am currently in the process of buying my council flat in Baldock. I have a mortgage agreed with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
About to purchase house in Baldock. 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 Nationwide 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 Baldock conveyancing practitioner is on the Nationwide conveyancing panel.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The conveyancers who did the conveyancing in Baldock 10 years ago no longer exist. What do I do?
As long as you have a registered title the details of your ownership will be recorded by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, locate your house and order up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
How does conveyancing in Baldock differ for newly converted properties?
Most buyers of new build or newly converted property in Baldock contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Baldock usually buy 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 conveyancers 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 used to new build conveyancing in Baldock or who has acted in the same development.
I decided to have a survey done on a property in Baldock before appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some lenders may refuse to give a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Baldock. Conveyancing may be slightly more expensive based on your lender's requirements.
I am short of a 10% deposit on my apartment purchase in Baldock , but I still want to proceed. Do I have options?
One option is to try and accept a smaller deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment