I am selling my home in Bickley and the estate agent has just text me to advise that the buyers are switching law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to select for their conveyancing in Bickley ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 says it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any sway in the decision.
My fiance and I are hoping to buy a 2 bedroom flat in Bickley with a loan from HSBC Bank.We use our Bickley conveyancing solicitor but HSBC Bank says his firm is not listed on their "panel". we are left little option but to use a HSBC Bank panel solicitor or keep our preferred solicitor and pay for a HSBC Bank panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its various provisions, a common one being that lawyers will be on the HSBC Bank conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
What will a local search reveal concerning the property my wife and I purchasing in Bickley?
Bickley conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search plays an important role in many a Bickley conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I am buying a new build flat in Bickley. Conveyancing is a frightening process 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 conveyancing.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Bickley
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Bickley I like with open areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Bickley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I need to retain a conveyancing solicitor for freehold conveyancing in Bickley. I happened to stumble across a site which seems to have the perfect solution If there is a chance to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?