I am nearing exchange of contracts for my maisonette in Camberley and the estate agent has just text me to say that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Camberley ?
Banks have always had panels of law firms they are content to work with, 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 worked with them for decades.
Lenders 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 oversee. No lender will say 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. Plenty of firms 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. Your buyers are unlikely to have any impact on this.
Various online forums that I have come across warn that are the number one reason for hinderance in Camberley conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Camberley.
My wife and I purchased a renovated Edwardian property in Camberley. Conveyancing solicitor acted for me and Coventry Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Coventry Building Society to clarify?
You should assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Camberley and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who carried out the work.
I'm purchasing my first flat in Camberley benefiting from help to buy. The builders refused to move on the price so I negotiated 6k of additionals instead. The property agent advised me not reveal to my conveyancer about this side-deal as it would affect my mortgage with Barnsley Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How simple is it to use the search facility to find a conveyancing lawyer in Camberley on the panel for my bank?
First select a lender such as National Westminster Bank, Barnsley Building Society or Barclays Direct then type in your preferred area for example Camberley. Conveyancing firms in Camberley and beyond will then be shown.
Looking forward to exchange soon on a ground floor flat in Camberley. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Camberley should include some of the following:
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Advice concerning the obligations in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a leaseholder has How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years The total extent of the premises. This will be the flat itself but may include a attic or storage are if relevant. What you can do if an adjoining owner breaches a clause of their lease?
Camberley Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Is the freehold reversion owned jointly by the leaseholders? The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders have control and even though a managing agent is frequently employed where it is larger than a house conversion, the managing agent retained by the leaseholders. Make sure you find out if there are any onerous restrictions in the lease. For example it is reasonably common in Camberley leases that pets are not allowed in certain buildings in Camberley. If you love the apartmentin Camberley but your cat can’t move with you then you will be faced hard compromise.