I am nearing exchange of contracts for my ground floor flat in Barking and the EA has just called to advise that the purchasers are switching conveyancer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only work with specific law firms rather the firm that they want to select for their conveyancing in Barking ?
Lenders have always had panels of law firms that can act for them, but in the last few 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 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. The purchasers are unlikely to have any sway in the decision.
Having sold my house in Barking last March yet the purchaser is telephoning daily complaining that his conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
After completion of your sale your conveyancer is obliged to send the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also evidence that the home loan has been paid off to the buyers conveyancers. There is unlikely to be post completion steps unique to conveyancing in Barking.
We are selling our home in Barking. Does the property lawyer have to be required to be on the Virgin Money conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I need some fast conveyancing in Barking as I am faced with pressure to complete inside one month. Thankfully I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you are at liberty not to have searches carried out although no law firm would recommend that you don't. Drawing on years of experience of conveyancing in Barking the following are instances of issues that can be revealed and adversely affect market value: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
I purchased a 4 bedroom Edwardian house in Barking. Conveyancing practitioner represented me and Yorkshire Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Barking and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
I am buying a new build flat in Barking. Conveyancing is daunting 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 legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Barking
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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. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?