I am nearing exchange of contracts for my apartment in Cranford and the EA has just called to say that the buyers are switching law firm. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Cranford ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. 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 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 unlikely to have any sway in the decision.
I had intended to instruct a property lawyer in Cranford for our home move. Our financial adviser has since advised us that our mortgage lenders Leeds Building Society won't deal with them. Surely this is unfair competition?
Banks normally imposes restrictions either the category or the number of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the type of firm, some have reduced the amount of solicitor practices they use to represent them. Be aware that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there are mixed opinions about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Cranford only execute very few conveyances per annum.
What does a local search inform me concerning the property we're buying in Cranford?
Cranford conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searchflow The local search plays a central role in most Cranford conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
The deeds to my property can not be found. The conveyancers who conducted the conveyancing in Cranford 4 years ago are no longer around. Will I be able to sell the house?
Assuming the title is registered the details of your ownership will be held by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, identify your property and secure up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
I'm purchasing a new build house in Cranford with a loan from Godiva Mortgages Ltd. The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not disclose to my lawyer about the side-deal as it will adversely affect my loan with Godiva Mortgages Ltd. Is this normal?.
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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Cranford. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Cranford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Cranford in which case you should be shopping around for a Cranford conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.