I am selling my home in Headley and the EA has just telephoned to warn that the purchasers are swapping conveyancer. The reason given is that the lender will only work with solicitors on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Headley ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions attribute this action to 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 says it is being contacted daily by practices 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 not going to have any sway in the decision.
My fiance and I swapping mortgage lender for our flat in Headley with Kent Reliance. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Kent Reliance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Headley so that I can attend their offices if required.
As opposed to 15 years ago, the vast majority mortgage companies no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to provide identification documents and there are still distinct benefits to choosing a locally based ayer, in your situation a conveyancing solicitor in Headley.
I am assisting my aunt sell her flat in Headley. Will the conveyancer commission an energy assessment or it is for me to see to?
Following the demise of Home Packs, energy assessments became a required part of moving house. An energy assessment must be to hand prior to the property being placed on the market. This is not as aspect of the sale process that law firms normally arrange. If you are instructing a Headley conveyancing solicitor they might be able to arrange energy assessments given their contacts with long established Headley assessors
I'm at the point of viewing apartments in Headley and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this stage? I will be getting a mortgage with Kent Reliance.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are obtaining a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
At last I have had an offer on a flat in Headley agreed to, the sellers do nevertheless have an associated purchase. The owners have offered on a property, but it’s not yet tied up, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Headley. What do I do now? At what stage do I apply for the mortgage with Yorkshire BS?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Headley conveyancing search fees, etc). The first course of action is to check that your solicitor is on the Yorkshire BS approved list. As to the subsequent steps this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a hot market many purchasers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with the conveyancing in Headley.
How does conveyancing in Headley differ for newly converted properties?
Most buyers of new build residence in Headley contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Headley tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Headley or who has acted in the same development.
Back In 2006, I bought a leasehold flat in Headley. Conveyancing and Nottingham Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Headley who previously acted has long since retired. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Headley conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a ground floor flat in Headley, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Headley with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2079
You have 53 years unexpired the likely cost is going to span between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.