I am progressing with the sale of my maisonette in Exeter and the estate agent has just text me to warn that the purchasers are changing their law firm. The excuse is that the lender will only work with solicitors on their approved list. On what basis would a major lender only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Exeter ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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 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. The buyers are unlikely to have any impact on this.
I happen to be the only recipient of my late father’s estate and I have everything in my name now, including the house in Exeter. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I do know about the CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some banks would take a practical view as this requirement is chiefly there to capture the purchase and immediately sell or the flipping of properties.
How can we tell if a Exeter conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Exeter obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your transaction.
I am due to exchange contracts on my apartment. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Coventry BS are being difficult. The Exeter solicitor who is on the Coventry BS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our solicitor be asking questions regarding flooding as part of the conveyancing in Exeter.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Exeter. Some people will buy a property in Exeter, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Exeter. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to discover if the property has suffered from flooding. If the property has been flooded in past which is not revealed by the vendor, then a purchaser may commence a legal claim for losses stemming from an misleading response. The purchaser’s solicitors should also conduct an environmental report. This will disclose if there is a recorded flood risk. If so, additional investigations will need to be carried out.
I decided to have a survey done on a property in Exeter ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders may not grant a mortgage on such a house.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Exeter. Conveyancing will be smoother if you use a solicitor in Exeter especially if they regularly deal with such properties in Exeter.
I was advised by three or four local selling agents in Exeter to get a quote from a conveyancer on your site. Is there a financial inducement for Estate Agents to promote your site ahead of another?
We don’t make any commission for directing people in our direction. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am attracted to a two apartments in Exeter which have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area.
Exeter Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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It would be a good idea to find out if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Exeter. If you like the flatin Exeter yet your dog can’t make the move with you then you will be presented with a difficult decision. Does the lease include onerous restrictions? The best form of lease structure is a share of the freehold. In this scenario the lessees have being in charge if their destiny and notwithstanding that a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.