I am progressing with the sale of my ground floor flat in Castle Vale and the estate agent has just telephoned to say that the purchasers are switching solicitor. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Castle Vale ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 not going to have any sway in the decision.
Two weeks ago we had a mortgage agreed in principle with Barclays. Castle Vale conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Barclays?
There is no definitive answer here. Have Barclays conducted the survey? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Castle Vale. One unusual aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Nottingham your lawyer must comply with the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for Nottingham. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Nottingham where a lease fails to meet these provisions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Castle Vale.
My wife and I are in the process of viewing apartments in Castle Vale and I am now considering a potential offer. Should I already have a conveyancing practitioner appointed at this stage? I intend to finance via a home loan with Kent Reliance.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
Will my conveyancer be raising questions regarding flooding as part of the conveyancing in Castle Vale.
Flooding is a growing risk for solicitors dealing with homes in Castle Vale. There are those who acquire a house in Castle Vale, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Castle Vale. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to find out if the property has suffered from flooding. If the premises has been flooded in past and is not revealed by the owner, then a purchaser may bring a compensation claim as a result of such an incorrect response. A purchaser’s conveyancers may also commission an environmental report. This will indicate whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
We're first time buyers - had an offer accepted, but the selling agent informed us that the owners will only go ahead if we use their preferred conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street solicitor accustomed to conveyancing in Castle Vale
We suspect that the seller is not behind this request. If they require ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you intend to appoint your preferred Castle Vale conveyancing solicitors - as opposed tothose that will provide the estate agent a commission or hit his conveyancing targets pre-set by HQ.
I work for a long established estate agent office in Castle Vale where we see a number of flat sales jeopardised due to short leases. I have been given contradictory information from local Castle Vale conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Castle Vale Leasehold Conveyancing - Examples of Questions you should consider before buying
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It would be prudent to discover as much as you can regarding the managing agents as they will either make living at the property much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the upkeep of the communal areas. You should not be shy to ask prospective neighbours if they are happy with their management. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes. This information is important as a) areas can result in problems in the building as the common areas may begin to deteriorate where services remain unpaid b) if the tenants have an issue with the running of the building you will wish to have all the details How many years are left on the lease?
Is it true that a Castle Vale conveyancing firm got sued by a client for failing to conduct the right conveyancing investigations?
We are not aware of such a Castle Vale conveyancing matter but according to a recent report, a couple buying a home in Cumbria successfully won a case against their solicitor as a consequence of development plans to construct a wind farm not being picked up in conveyancing searches.
If you are thinking of buying a home in Castle Vale It is critical that your property lawyer carry out all Castle Vale conveyancing searches needed to ensure you have accurate and up to date information before purchasing a property.