I am nearing exchange of contracts for my ground floor flat in Coventry and the estate agent has just telephoned to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Coventry ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any sway in the decision.
Why is leasehold purchase conveyancing in Coventry is more expensive?
In summary, leasehold conveyancing in Coventry and elsewhere usually involve extra hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving required notices, procuring current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I have been told that property searches are the number one cause of stalling in Coventry house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Coventry.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Coventry?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Coventry. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build apartment in Coventry. Conveyancing is a frightening process 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Coventry
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Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
How much should conveyancing in Coventry cost?
The total sum charged for Coventry conveyancing fees will vary dramatically from solicitor to solicitor. This makes it is particularly critical for you to find this out before you choose a lawyer. You should also consider asking a few fee estimate.