I am in the process of selling my house in Fleet and the EA has just text me to advise that the buyers are switching property lawyer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Fleet ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed 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 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 not going to have any impact on this.
Completed the sale of my flat in Fleet last September but my buyer keeps texting me to moan that her solicitor needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your disposal your solicitor is duty bound to send the transfer deeds and all additional paperwork to the purchaser's lawyers. Where relevant, your solicitor should also evidence that the home loan has been paid off to the buyers solicitors. There are no post completion formalities peculiar conveyancing in Fleet.
We hope to to purchase with Earl Shilton BS. We have called around locally but am unable to find a Fleet conveyancing firm on the Earl Shilton BS panel. Can you help?
Please do make the most of the search tool on this web page. Pick the building society and type Fleet or your location and you will see a number of lawyer located in Fleet or near you.
This question may be naive but I am new to the home buying as FTB of a two bedroom flat in Fleet. Do I receive the keys to the property on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Fleet?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s solicitors, and once they have received this, you will be called to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
My solicitor has informed me that flying freehold insurance is required on my purchase. What is the level of cover for Fleet conveyancing?
The appropriate level of flying freehold indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such policies.
Virgin Money have agreed my mortgage in principle, my bid on a flat in Fleet has been agreed to, what happens next?
Your property agent will need to know who your solicitors are (make sure the solicitors are on the lender’s approved list). Call up Virgin Money or the financial adviser and finalise any relevant paperwork. Virgin Money will instruct a valuer who will get in contact with the selling agent or owners to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Virgin Money 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 Fleet.
I am buying a new build apartment in Fleet. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Fleet
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Fleet is the location of the property. Is there any advice you can give?
Flying freeholds in Fleet are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fleet you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fleet 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 residence.