I am selling my maisonette in Hednesford and the EA has just telephoned to warn that the purchasers are changing their property lawyer. The excuse is that the bank will only work with solicitors on their approved list. Why would a big named mortgage company only deal with certain solicitors rather the firm that they want to select for their conveyancing in Hednesford ?
Banks have always had an approved set of law firms that can represent them, 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 acted for them for decades.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been tightened 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 claims that it is hearing daily from firms 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. Your purchasers are unlikely to have any impact on this.
When will exchange of contracts occur in sale conveyancing in Hednesford and do I need to be at the conveyancers office?
Where you are in close proximity to one of the conveyancing solicitors in Hednesford you are welcome to attend to sign documents. That being said, the lender approved solicitors we recommend offer countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you digitally. The executing of the contract is not the critical part. Signing on the dotted line is just a prerequisite for the conveyancer to officially exchange at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hednesford)to be in the office available at the end of the phone to exchange contracts.
I am buying a detached bungalow in Hednesford. We would like to carry out a loft conversion at the property.Will the conveyancing process include investigations to determine if these works are prohibited?
Your property lawyer should check the deeds as conveyancing in Hednesford can sometimes reveal restrictions in the title deeds which prevent categories of changes or need the permission of a 3rd party. Some works call for local authority planning permissions and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be wise to check these issues with a surveyor before you commit yourself to a purchase.
I can not fathom if my lender requires a lease extension. I have called my Hednesford building society branch on a couple of occasions and was told it wasn't a problem and they would lend. My Hednesford conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the lawyer is on the bank panel, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Santander have agreed my mortgage in principle, my bid on a apartment in Hednesford has been agreed to, what are the next steps?
The estate agent will wish to know who your solicitors are (be sure the property lawyers are on the bank’s approved list). Call up Santander or the broker and finalise any appropriate documentation. Santander will appoint a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Santander will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hednesford.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Hednesford I like with amenity areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Hednesford in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated 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 could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Do you have any top tips for leasehold conveyancing in Hednesford with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Hednesford can be bypassed where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ representatives. You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing. Many landlords or managing agents in Hednesford charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Hednesford. If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Obtaining a re-issued share certificate can be a time consuming process and slows down many a Hednesford home move. If a duplicate share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.
Hednesford Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Best to be warned whether redecorating or some other major work is coming up to be shared amongst the leaseholders and may well dramatically increase the the maintenance fees or result in a one time invoice. This information is important as a) areas can result in problems for the building as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to know about it How many of the leaseholders are in arrears for their service charge payments?
How does one remove a deceased person's name from the title deeds for a property in Hednesford?
Where a Hednesford property is jointly owned and one of the proprietors passes away, the name will not immediately be removed from the title deeds. You are not required to remove their name as when it comes to a sale your conveyancer would simply be asked to evidence why the joint owner is missing from the contract, such as the probate documents.
With the aim of making things more straight forward for the sale of the property you may apply to have the deceased party erased from the title register by applying to HMLR with proof of the death. There is no fee from the Registry for this service.