I am 3 weeks into the sale of my ground floor flat in Duston and the estate agent has just called to advise that the purchasers are changing their conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Duston ?
Banks have always had an approved set of law firms they are willing to work with, 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 many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 purchasers are unlikely to have any sway in the decision.
My nephew is purchasing a newly built flat in Duston with a mortgage from Bank of Ireland. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A colleague advised me that if I am purchasing in Duston I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Duston conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Duston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Duston Education with maps and statistics, Local Amenities and other useful data regarding Duston.
I bought my flat on 7 September and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Duston expressed confidence that it will be recorded in less than a month. Are transfers in Duston particularly slow to register?
There is nothing unique about conveyancing in Duston registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether there are errors and whether the Land registry have to notify any third parties. As of today approximately 80% of submission are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration takes place after the new owner is living at the premises thus post completion formalities is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for an expedited registration.
I opted to have a survey carried out on a house in Duston prior to retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Duston. Conveyancing may be slightly more expensive based on your lender's requirements.
I am short of a 10% deposit on my apartment purchase in Duston , but I am anxious go ahead. Do I have options?
You can accept a smaller deposit. Many sellers will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second