I am selling my ground floor flat in Chipping Norton and the estate agent has just telephoned to say that the buyers are switching conveyancer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Chipping Norton ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions 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. 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 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. The purchasers are not going to have any impact on this.
Completed the sale of my flat in Chipping Norton last January yet the purchaser is e-mailing every few hours to moan that their conveyancer is waiting to hear from mylawyer. What are the post completion sale formalities now that I have sold?
After completion of your house sale your solicitor is obliged to send the transfer deeds and all of the paperwork to the buyer’s conveyancer. Where appropriate, your lawyer must also confirm that the home loan has been repaid to the purchasers solicitors. There are no post completion tasks specific conveyancing in Chipping Norton.
My mortgage company has suggested a law firm on their panel based in Chipping Norton but I would rather use a conveyancing lawyer in Chipping Norton round the corner to me. Are you able to assist?
Not all Chipping Norton conveyancing solicitors are approved and listed on all lender’s conveyancing panel. Use the above find an approved solicitor tool to choose a Chipping Norton conveyancing conveyancer on the on the mortgage company panel.
I am buying a new build house in Chipping Norton with a mortgage from Santander. The builders would not move on the amount so I negotiated 6k of additionals instead. The property agent told me not inform my lawyer about the deal as it may jeopardize my mortgage with Santander. Do I keep my lawyer in the dark?.
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.
Can you provide any top tips for leasehold conveyancing in Chipping Norton with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Chipping Norton can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors. If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing. A minority of Chipping Norton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Organising a new share certificate can be a time consuming process and slows down many a Chipping Norton home move. Where a duplicate share is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
Chipping Norton Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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Best to be warned whether a new roof is being installed or some other significant cost is due in the near future that will be shared by the leaseholders and could well materially increase the the maintenance costs or require a one off payment. Who manages the block? The answer will be helpful as a) areas can result in problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the running of the building you will need to have full disclosure
Is it true that a Chipping Norton conveyancing practice has court proceedings brought against them by clients for not carrying out the appropriate conveyancing investigations?
We are not aware of such a Chipping Norton conveyancing matter but according to a recent report, clients acquiring a property in Cumbria successfully sued their lawyer as a consequence of development plans to build a wind farm failing to be identified in conveyancing searches.
Where you are buying in Chipping Norton It is important that your conveyancing practitioner carry out all Chipping Norton conveyancing searches needed making sure that you have relevant and up to date information ahead of purchasing a property.