I am nearing exchange of contracts for my apartment in Beacontree Heath and the EA has just called to say that the buyers are changing their law firm. The excuse is that the lender will only engage with property lawyers on their approved list. On what basis would a major lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Beacontree Heath ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for 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 monitor. 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 unlikely to have any impact on this.
I am being told by my lawyer that restrictive coveneant insurance is needed on my purchase. What is the level of cover for Beacontree Heath conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Is there a list of UBS panel solicitors in Beacontree Heath on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of lenders make their panel listings viewable over the internet. Where you are seeking to appoint a Beacontree Heath property lawyer on the UBS please use our tool.
I have finally had an offer on an apartment in Beacontree Heath accepted, the vendors do nevertheless have a tied purchase. The sellers have put an offer on on an apartment, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a high street conveyancing solicitor in Beacontree Heath. What do I do now? When do I get the mortgage application with RBS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Beacontree Heath conveyancing search costs, etc). First, you must ensure that your solicitor is on the RBS conveyancing panel. Regarding the next stages this very much dictated by the circumstances of your case, desire for this property and on the state of the market. In a buoyant market some buyers will apply for a home loan with RBS and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with searches.
About to purchase a new build flat in Beacontree Heath. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Beacontree Heath
-
Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Due to the advice of my in-laws I had a survey completed on a property in Beacontree Heath in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some banks will not issue a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Beacontree Heath. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Beacontree Heath to see if the conveyancing costs will increase in light of this.
I have been recommended by a number of estate agents in Beacontree Heath to select a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your lawyers over a competitor’s?
We don’t give any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I acquired a property in Beacontree Heath last 22/1/2024 and to date it is still not recorded with HM Land Registry. It is part of a new estate and my property lawyer told me that it may take twelve months to complete the registration formalities. I have spoken with the Land Registry directly and they say that the original application was cancelled due to failure to reply to requisitions. Should I be concerned?
It is your solicitor that you must contact in order to satisfy any questions which have arisen as part of the registration process for your Beacontree Heath property. Normal Beacontree Heath conveyancing practice includes an undertaking on the part of the previous owner’s lawyer that they will help resolve any requisition raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.