I am selling my house in East Harling and the EA has just called to say that the purchasers are changing their law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in East Harling ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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. Plenty of firms 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 sway in the decision.
We are planning to acquire a house and require a conveyancing solicitor in East Harling who is on the UBS approved panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in East Harling.
My relative advised me that where I am buying in East Harling I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard East Harling conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about East Harling 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 demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about East Harling.
It has been 3 months since my purchase conveyancing in East Harling concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. East Harling is the location of the property. Can you offer any guidance?
Flying freeholds in East Harling are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Harling you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Harling may decide 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 work for a reputable estate agency in East Harling where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local East Harling conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in East Harling - Examples of Questions you should consider before Purchasing
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Generally speaking the outlay for major works are not wrapped into the service charges, albeit that some managing agents in East Harling ask leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for larger works. Are any of leasehold owners in arrears of their service charge liability? You will want to discover as much as you can about the company managing the block as they will either make your life much easier or a lot more difficult. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to day to day matters such as the cleanliness of the communal areas. Don't be afraid to ask other people what they think of them. Finally, find out the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money.