I am selling my home in Cullompton and the estate agent has just e-mailed to advise that the buyers are appointing a new solicitor. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Cullompton ?
UK lenders 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 acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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. Some 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. Your purchasers are unlikely to have any impact on this.
We see that you have a search directory listing law firms on the Santander conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Cullompton?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Cullompton.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Cullompton. 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cullompton
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Cullompton is the location of the property. What do you suggest?
Flying freeholds in Cullompton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cullompton you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullompton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I'm converting the mortgage on my current property to a buy to let loan with Clydesdale and intend to use the remaining equity as a deposit on another property. The area we are looking at is Cullompton. Will your lawyers be able to act for the two banks and link together the two deals?
Make use of our comparison tool on this site to check that the conveyancers are approved by both lenders. On the basis that they are the conveyancer will be able to connect the two deals but you should talk with you conveyancer and specify your desired outcome and requirements.
Frank (my husband) and I may need to sub-let our Cullompton basement flat for a while due to a new job. We used a Cullompton conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
The lease dictates relations between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Cullompton do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Leasehold Conveyancing in Cullompton - Examples of Questions you should consider before Purchasing
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Who manages the building? Is the freehold reversion owned collectively by the tenants? You should be aware that where the lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth finding out what this will be. For most Cullomptonlease extensions you will need to own the property for a couple of years in order to be legally able to extend the lease.