I am in the process of selling my maisonette in Hampden Pk and the estate agent has just text me to warn that the buyers are appointing a new law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Hampden Pk ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been narrowed 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 says 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 buyers are unlikely to have any sway in the decision.
I require conveyancing for an apartment in a fairly new development (five years built) in Hampden Pk. 95% of the flats are already occupied. Do I need carry out the local searches as part of conveyancing in Hampden Pk?
Where you are obtaining a loan, your lender will need some (many) of the searches so you'll have no choice. If not, then Hampden Pk conveyancing searches are for you to decide upon. No doubt your conveyancer, will 'advise', perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to find a new lawyer for your conveyancing in Hampden Pk.
Should my conveyancer be raising questions regarding flooding during the conveyancing in Hampden Pk.
Flooding is a growing risk for solicitors specialising in conveyancing in Hampden Pk. There are those who buy a property in Hampden Pk, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a various checks that may be carried out by the purchaser or by their lawyers which will give them a better understanding of the risks in Hampden Pk. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the vendor, then a buyer could bring a claim for damages as a result of such an inaccurate answer. A buyer’s lawyers will also carry out an enviro search. This should reveal whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I am buying a new build apartment in Hampden Pk. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Hampden Pk
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Hampden Pk I like with amenity areas and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Hampden Pk for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My wife and I have chosen a Hampden Pk conveyancing solicitor for our home move (novice purchasers) and have picked up in the engagement letter that they are not governed by the FCA. Am I right to be worried or is that usually the case with solicitor?
We can't see why they should be. Most solicitor don't lend money. You should check that they are regulated by the SRA, who dictate strict obligations in place on funds deposited by them.