I am in the process of selling my ground floor flat in Edge Hill and the EA has just text me to warn that the buyers are switching property lawyer. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a leading lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Edge Hill ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say 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. The purchasers are not going to have any impact on this.
Can you recommend a Norwich and Peterborough Building Society accepted Edge Hill conveyancing lawyer who can have us moved in within 28 days? Would it be better to use a high street Edge Hill firm or a web based conveyancer?
We would be happy to suggest some excellent Edge Hill conveyancing firms. You can also walk up the main road in Edge Hill. Go in to some well established firms and ask to speak with a conveyancing solicitor for a costs illustration. Mention your deadline together with the reasons and ask for a commitment on speed. Appoint the lawyer that appears most efficient.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to instruct a Edge Hill based conveyancing firm?
You should check but the the likelihood is that give you one of their panel conveyancers if you take up the "fee-free" incentive. Speak to the lender to see if they offer you a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Edge Hill.
How does conveyancing in Edge Hill differ for newly converted properties?
Most buyers of new build residence in Edge Hill approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Edge Hill tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Edge Hill or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Edge Hill prior to retaining solicitors. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders tend refuse to issue a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Edge Hill. Conveyancing will be smoother if you use a solicitor in Edge Hill especially if they are accustomed to such properties in Edge Hill.
I am a negotiator for a busy estate agent office in Edge Hill where we see a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Edge Hill conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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.
Alternatively, it may be possible 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 purchaser.
Edge Hill Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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How many of the leaseholders are in arrears for their service charge payments? You will want to find out as much as you can about the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the common parts. Enquire of other tenants whether they are happy with their management. On a final note, find out the dates that the service fees are due to the relevant party and specifically how they are spending that money.