I am one month into the sale of my ground floor flat in Feltwell and the EA has just text me to advise that the buyers are changing their conveyancer. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a leading lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in Feltwell ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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 buyers are unlikely to have any sway in the decision.
Is there a search tool that I can utilise to find out if the solicitor conducting my conveyancing in Feltwell is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus spending £175.00 in another set of conveyancing invoice.
You should make use of the search tool on this page. Please choose the lender and type ‘Feltwell’ or your preferred area and you will see a number of lawyer based in Feltwell or nearest you.
Have just purchased a repossessed house at auction in Feltwell. Conveyancing is needed. What is next?
Now that you have legally bound yourself to purchase you should find a conveyancing solicitor quickly as you are faced with a fast approaching a drop dead date to complete the conveyancing. An auction property will ordinarily have a bespoke auction set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in order to complete on the date specified in the contract.
We have agreed to purchase a house in Feltwell. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Principality your lawyer must check the conveyancing requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Principality. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease fails to meet these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Feltwell.
Barclays have agreed my home loan in principle, my offer on a house in Feltwell has been agreed to, what happens next?
The property agent will need to know who your solicitors are (be sure the solicitors are on the bank’s panel). Contact Barclays or your broker and complete any appropriate paperwork. Barclays will sellect a valuer who will get in contact with the estate agent or owners to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Barclays will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Feltwell.
Are there restrictive covenants that are commonly identified as part of conveyancing in Feltwell?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Feltwell. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Feltwell I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Feltwell suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
We have been advised by numerous estate agents that it should take six to eight weeks for Feltwell conveyancing to complete.This was a month ago. The paperwork was only forwarded to my lawyer last week so does the time start running now?
Do not count on moving on a set date until exchange of contracts takes place. Whatever promises the people you are acquiring from or selling to make, or your lender provides don't count on them. More frustration is caused to buyers and sellers by false assurances than any other issue when it comes to conveyancing in Feltwell.