I am in the process of selling my apartment in Falmouth and the estate agent has just called to say that the buyers are swapping solicitor. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Falmouth ?
Lenders have always had an approved set of law firms they are content to work with, 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 acted for them for many years.
Mortgage companies blame a rise in fraud as the reason for the cull – 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 being contacted daily by practices 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 purchasers are unlikely to have any sway in the decision.
Finally the sale completed on my house in Falmouth last January but my buyer keeps whats apping daily to moan that her conveyancer needs to hear from mine. What are the post completion sale formalities following completion?
After completion of your house sale your conveyancer is duty bound to deliver the transfer documentation and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer must also send confirmation that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There are no post completion tasks just for conveyancing in Falmouth.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to take this when acquiring a house in Falmouth? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary may be liable to pay for repairs to the chancel within the church. Is this a legitimate concern for conveyancing in Falmouth?
Unless a prior purchase of the house took place post 12 October 2013 you may take it that solicitors conducting conveyancing in Falmouth to remain recommending a chancel search and or chancel repair liability policy.
I have justdiscovered that Stirling Law have been shut down. They conducted my conveyancing in Falmouth for a purchase of a leasehold flat 9 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Falmouth conveyancing specialists.
I opted to have a survey carried out on a house in Falmouth in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to issue a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Falmouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Falmouth to see if the conveyancing costs will increase in light of this.
I am looking at a two flats in Falmouth both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Falmouth. The lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
Falmouth Leasehold Conveyancing - A selection of Queries Prior to buying
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Is there a share of the freehold? What prohibitions exist in the Falmouth Lease? The answer will be important as a) areas could result in problems for the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will want to know about it