I am nearing exchange of contracts for my apartment in Ketton and the estate agent has just text me to warn that the purchasers are swapping solicitor. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a leading lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in Ketton ?
Lenders have always had panels of law firms they are content 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.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
is it true that all Ketton conveyancing solicitors on the RBS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
I am selling my apartment. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Barclays are being a right pain. The Ketton solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Skipton have agreed my mortgage in principle, my bid on a apartment in Ketton has been agreed to, what happens next?
The estate agent will want to be informed of your solicitor's details (ensure that the conveyancers are on the bank’s approved list). Call up Skipton or your financial adviser and finish off any outstanding documentation. Skipton will instruct a valuer who will get in touch with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about ten days to get a mortgage offer. Skipton will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ketton.
I need some fast conveyancing in Ketton as I have an ultimatum to complete inside 4 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not taking a mortgage you have the choice not to have searches carried out although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Ketton the following are instances of what can appear and therefore affect future saleability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Ketton is where the house is located. Can you offer any advice?
Flying freeholds in Ketton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ketton you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ketton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I be suspicious by estate agents that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a local Ketton conveyancing company?
As with many professional services, often recommendations from relatives can be worth their weight in gold. But there are many parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend solicitors to retain. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the discretion to select your own lawyer. Don't forget that most banks specify a panel list of lawyers you must use for the lender related work in your conveyancing.
Last November I purchased a leasehold property in Ketton. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Ketton - A selection of Queries Prior to buying
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Its a good idea to find out as much as you can about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the communal areas. Ask prospective neighbours if they are happy with them. In conclusion, investigate as to the dates that the service charges are due to the managing agents and precisely what you get for your money. Are any of leasehold owners in arrears of their service charge liability? What restrictions exist in the Ketton Lease?