I am nearing exchange of contracts for my flat in Corsham and the estate agent has just telephoned to warn that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Corsham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, 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 justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. 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. 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 unlikely to have any sway in the decision.
As someone unfamiliar with the Corsham conveyancing process what is the number one tip you can impart for the home moving process in Corsham
Not many law firms shout this from the rooftops but conveyancing in Corsham and elsewhere in Wiltshire is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of room for confrontation between you and others involved in the house moving process. For example, the seller, selling agent and even potentially your bank. Choosing a solicitor for your conveyancing in Corsham is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose role it is to act in your best interests and to keep you safe.
We are witnessing a worrying increase of a "blame" culture- someone must be at fault for the process being so protracted. You should always trust your conveyancer above the other players in the home moving process.
Should commercial conveyancing searches disclose impending roadworks that may affect a commercial land in Corsham?
Many commercial conveyancing solicitors in Corsham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Corsham. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Corsham.
For every commercial conveyancing transaction in Corsham it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Corsham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Corsham.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Corsham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Corsham
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I work for a reputable estate agent office in Corsham where we see a few flat sales derailed due to short leases. I have been given conflicting advice from local Corsham conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
Corsham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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Most Corsham leasehold properties will be liable to pay a service bill for the upkeep of the block set by the landlord. If you acquire the apartment you will have to meet this liability, normally in instalments during the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge to be met annual, this is usually not a large sum, say approximately £50-£100 but you need to check it because sometimes it could be many hundreds of pounds. Who manages the block? Does the lease have onerous restrictions?
My mum and dad are encountering problems in finding their Corsham land registry title on the online search facility. They recall that 48 years ago when they acquired the bungalow there were complications with Corsham not being recognised in some systems.
Almost all properties in Corsham should appear. Have you endevoured to search to simply the postcode. Normally it should mention all the properties inside the postcode. Assuming the property is recorded it will show up with a title number. If they bought fifty years ago it's conceivable it may be unrecorded. The property may still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title documentation which may be with your parent’s mortgage company.