I am 4 weeks into the sale of my apartment in Bebington and the estate agent has just called to warn that the purchasers are switching solicitor. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a leading lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Bebington ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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. The buyers are unlikely to have any sway in the decision.
I am considering applying for a Nottingham mortgage for purchase of a new build (under development) in Bebington with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
In theory, you could use a solicitor that is not on the Nottingham conveyancing panel, but Nottingham would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Should my lawyer be asking questions regarding flooding during the conveyancing in Bebington.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Bebington. There are those who purchase a house in Bebington, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Bebington. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine whether the premises has historically flooded. In the event that the premises has been flooded in past and is not notified by the owner, then a purchaser could bring a claim for damages resulting from an misleading response. A purchaser’s solicitors may also order an environmental report. This will higlight whether there is any known flood risk. If so, more detailed investigations should be conducted.
Are there restrictive covenants that are commonly identified as part of conveyancing in Bebington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bebington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Estate agents have just been given the go-ahead to market my basement flat in Bebington. Conveyancing lawyers have not yet been instructed, however I have recently had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as you normally would given that all rents and service charges should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Bebington Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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Is the freehold reversion owned collectively by the leaseholders? Who manages the block? You should want to discover as much as you can regarding the managing agents as they will either make life much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day matters such as the tidiness of the common parts. Enquire of other tenants whether they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money.
My estate agent has recommended their property lawyer for the conveyancing in Bebington - Is it not simpler easier to just use them?
You need to establish if the selling agent is recommending a lawyer or introducing to a conveyancer. There are plenty of Bebington selling agents who recommend two or three Bebington conveyancing firms and get nothing from it.