I am six weeks into the sale of my maisonette in Keelby and the EA has just text me to say that the buyers are swapping law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Keelby ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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. The purchasers are not going to have any sway in the decision.
Completed the sale of my flat in Keelby last April yet the purchaser is calling me complaining that his solicitor is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Following your house sale your conveyancer should deliver the transfer documentation and all additional paperwork to the purchaser's lawyers. Depending on the transaction, your conveyancer must also confirm that the mortgage has been repaid to the buyers solicitors. There are no post completion tasks just for conveyancing in Keelby.
My friend advised me that if I am purchasing in Keelby I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Keelby conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Keelby around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Keelby Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Keelby Education with maps and statistics, Local Amenities and other useful information concerning Keelby.
Are there restrictive covenants that are commonly picked up during conveyancing in Keelby?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Keelby. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My cousin has suggested that I appoint his conveyancers in Keelby. Do I follow his advice?
There are no two ways about it the ideal way to find a conveyancing solicitor is to have referrals from friends or relatives who have experience in using the conveyancer you're considering.
When it comes to leasehold conveyancing in Keelby what are the most common lease defects?
Leasehold conveyancing in Keelby is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Leasehold Conveyancing in Keelby - Sample of Questions you should consider before buying
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Is the freehold reversion owned jointly by the leaseholders? You should be aware that where the lease has less than 80 years it will impact the marketability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the residence for 24 months before you are entitled to exercise a lease extension. How much is the ground rent and service charge?