I am progressing with the sale of my apartment in Castle Eden and the estate agent has just called to warn that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a big named mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Castle Eden ?
UK lenders have always had panels of law firms that can represent them, 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 represented them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – 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. The purchasers are unlikely to have any sway in the decision.
I am need of leasehold conveyancing for a flat in a fairly new development (seven years built) in Castle Eden. Almost all the appartments have already been occupied. Is it really necessary to order neighbourhood searches for my conveyancing in Castle Eden?
You are taking a significant risk in refusing to carrying out Castle Eden conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in the strongest possible terms that your conveyancer conducts them. If time pressures and expenses are primary concerns you should discuss with your lawyer about the viability of search insurance
I decided to have a survey carried out on a house in Castle Eden ahead of instructing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Castle Eden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Castle Eden to see if the conveyancing costs will increase in light of this.
Is it simple use the search tool to find a conveyancing solicitor in Castle Eden on the approved list for my lender?
First pick a mortgage company such as National Westminster Bank, Skipton Building Society or Britannia then choose your location such as Castle Eden. Conveyancing practices in Castle Eden and beyond will then be shown.
In my capacity as executor for the estate of my grandfather I am selling a house in Swansea but reside in Castle Eden. My lawyer (based 200 kilometers awayhas requested that I sign a stat dec ahead of completion. Could you suggest a conveyancing lawyer in Castle Eden who can witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Castle Eden based
Are there frequently found defects that you witness in leases for Castle Eden properties?
There is nothing unique about leasehold conveyancing in Castle Eden. All leases are drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Castle Eden - Sample of Questions you should ask Prior to Purchasing
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Can you tell me if there are any major works on the horizon that will increase the maintenance fees? Its a good idea to discover as much as you can about the managing agents as they will either make life much easier or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day matters such as the upkeep of the communal areas. Ask other people if they are happy with their service. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. Best to be warned whether window replacement or some other major work is due shortly to be shared amongst the leasehold owners and will materially increase the the service costs or result in a specific invoice.