I am one month into the sale of my apartment in Heysham and the EA has just e-mailed to warn that the purchasers are changing their solicitor. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only work with certain law firms rather the firm that they want to select for their conveyancing in Heysham ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been stiffened 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 purchasers are unlikely to have any sway in the decision.
If you had a top tip for choosing a conveyancing solicitor in Heysham what would it be?
We would encourage you not to base your choice on the lowest Heysham conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
How can we know in advance if a Heysham conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Heysham getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Heysham solicitor on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial site in Heysham?
Its becoming the norm that commercial conveyancing solicitors in Heysham will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Heysham. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Heysham.
For every commercial conveyancing transaction in Heysham it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Heysham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Heysham.
How does conveyancing in Heysham differ for newly converted properties?
Most buyers of new build property in Heysham come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Heysham typically acquire the site, 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 conveyancing solicitors 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 Heysham or who has acted in the same development.
I have been advised by two or three local estate agents in Heysham to locate a solicitor on your site. What’s the financial advantage for Estate Agents to promote your services ahead of another?
We don’t offer any financial incentive for sending work our way. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My wife and I purchased a leasehold flat in Heysham. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Heysham who acted for me is not around. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Heysham conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Heysham Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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You should be aware if it is fewer than 80 years it will impact the marketability of the property. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth finding out what this would cost. Remember, in most cases you would be be obliged to have owned the property for two years in order to be eligible to carry out a lease extension. How long is the Lease? It is important to be aware if changing the roof or some other significant cost is due shortly to be shared between the leasehold owners and will dramatically increase the the service charges or require a specific invoice.