I am 3 weeks into the sale of my maisonette in Dartmouth Park and the estate agent has just e-mailed to say that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Dartmouth Park ?
Lenders have always had an approved set of law firms that can represent them, but in the last few 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 decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 claims that 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 buyers are not going to have any impact on this.
My wife and I are purchasing a new build duplex in Dartmouth Park and my conveyancer is informing me that she has to the bank to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I have no desire to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What will a local search reveal about the property my wife and I purchasing in Dartmouth Park?
Dartmouth Park conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important part in many a Dartmouth Park conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will supply 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 subject headings.
The deeds to our house can not be found. The solicitors who handled the conveyancing in Dartmouth Park 4 years ago no longer exist. What do I do?
Gone are the days when you need to hold title deeds to evidence that you own the land or premises, as the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Dartmouth Park I like with open areas and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Dartmouth Park in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
We have appointed a Dartmouth Park conveyancing solicitor for our house purchase (first time buyers) and have spotted in the Ts and Cs that they are not governed by the Financial Conduct Authority. Need I be concerned or is that usually the case with conveyancing practitioner?
We can't see why they should be. Most property lawyer don't lend money. You should check that they are governed by the SRA, who have specific laws regulating monies sitting on client account.