I am one month into the sale of my flat in Burton Bradstock and the estate agent has just called to advise that the buyers are switching property lawyer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Burton Bradstock ?
Mortgage companies 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 acted for them for more than 15 years.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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 not going to have any impact on this.
Should conveyancers ask for money on account for conveyancing in Burton Bradstock?
Where you are retaining lawyers for conveyancing in Burton Bradstock your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this will be needed immediately in advance of exchange of contracts. Any further balance that is needed should be transferred shortly before completion.
I need some fast conveyancing in Burton Bradstock as I am under pressure to sign on the dotted line inside one month. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are not obtaining a home loan you are at free not to have searches carried out although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Burton Bradstock the following are instances of issues that can crop up and adversely affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Burton Bradstock?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Burton Bradstock. 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…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Burton Bradstock I like with amenity areas and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Burton Bradstock in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I need to appoint a conveyancing solicitor for residential conveyancing in Burton Bradstock. I have land on a web site which looks to be the ideal solution If it is possible to get all the legals done via web 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?