I am selling my ground floor flat in Harlow and the estate agent has just telephoned to say that the buyers are switching property lawyer. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Harlow ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – 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 says 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. Your purchasers are unlikely to have any sway in the decision.
We are buying a newly constructed apartment in Harlow and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Completed the sale of my flat in Harlow last March yet the purchaser is SMS messaging daily to say their lawyer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your conveyancer should send the transfer documentation and all additional paperwork to the purchaser's lawyers. If applicable, your conveyancer must also send confirmation that the mortgage has been paid off to the purchasers solicitors. There are no post completion tasks unique to conveyancing in Harlow.
I am looking for a ground for flat up to £245,000 and found one near me in Harlow I like with amenity areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Harlow in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I have been pointed in your direction by numerous selling agents in Harlow to locate a property lawyer on your site. What’s the financial upside for Estate Agents to market your site over and above alternative conveyancing organisations?
We don’t make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I’m about to sell my basement apartment in Harlow. Conveyancing has not commenced, but I have recently had a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is clear the maintenance contribution as usual as all rents and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Harlow Leasehold Conveyancing - Sample of Questions you should consider before buying
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Are there any major works on the horizon that will likely add a premium to the maintenance fees? It would be prudent to find out as much as you can concerning the company managing the block as they can either make your life much simpler or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Enquire of other people what they think of their management. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds. Is there a share of the freehold?