I am one month into the sale of my home in Houghton Regis and the EA has just telephoned to advise that the buyers are appointing a new solicitor. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Houghton Regis ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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 unlikely to have any impact on this.
Our solicitor has discovered a a problem with the lease for the apartment we are buying in Houghton Regis. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
We are planning to acquire a property and require a conveyancing solicitor in Houghton Regis who is on the Nationwide solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Houghton Regis.
My bid for a property was accepted at auction in Houghton Regis. Conveyancing is necessary. What are my next steps?
Now that you are exchanged you should appoint a conveyancing solicitor quickly as you are faced with a fast approaching a drop dead date to complete the property. An auction property will have a bespoke auction pack. This will likely include evidence of title and search results. Where you are dealing with leasehold premises the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
When it comes to lenders such as Yorkshire BS, do Houghton Regis conveyancing practitioners face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Is there a list of Yorkshire BS panel solicitors in Houghton Regis on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings available on the web. If you are in need of a Houghton Regis conveyancer on the Yorkshire BS please use our facility.
Is it simple use the search app to select a conveyancing solicitor in Houghton Regis on the approved list for my mortgage?
First select a lender such as Nationwide Building Society, Chelsea Building Society or Alliance & Leicester then specify your preferred area e.g. Houghton Regis. Conveyancing organisations in Houghton Regis and further afield should be shown.
I am tempted by the attractive purchase price for a two flats in Houghton Regis which have approximately fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Houghton Regis is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Houghton Regis conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Houghton Regis Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders have control and notwithstanding that a managing agent is usually retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Be sure to find out if there are any onerous restrictions in the lease. By way of example it is very common in Houghton Regis leases that pets are not allowed in in a block in Houghton Regis. If you love the propertyin Houghton Regis but your cat is not allowed to live with you then you will be faced difficult choice. This question is important as a) areas may cause problems in the building as the communal areas may start to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will need to have all the details