I am in the process of selling my home in Kingsley and the EA has just text me to say that the purchasers are appointing a new law firm. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Kingsley ?
UK lenders have always had panels of law firms they are willing to work with, but in recent 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 over 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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. 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 buyers are unlikely to have any impact on this.
I am helping my mother sell her flat in Kingsley. Does the conveyancer order the energy assessment or do I organise this?
Following the demise of HIPs, energy performance certificates was retained a required element of moving house. An EPC must be to hand in advance of the property being advertised. This is not a task that lawyers ordinarily organise. Where you are using a Kingsley conveyancing lawyer they might be able to arrange energy assessments due to their relationships with long established local accredited person
My lawyer has informed me that restrictive coveneant insurance is needed on my purchase. What is the level of cover for Kingsley conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Barnsley Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
UBS have agreed my home loan in principle, my offer on a apartment in Kingsley has been accepted, what are the next steps?
The property agent will need to know who your solicitors are (make sure the conveyancers are on the lender’s approved list). Call up UBS or your broker and complete any outstanding forms. UBS will appoint a valuer who will get in touch with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. UBS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Kingsley.
How does conveyancing in Kingsley differ for new build properties?
Most buyers of new build property in Kingsley come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Kingsley typically purchase 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 used to new build conveyancing in Kingsley or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Kingsley ahead of instructing lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some lenders tend not grant a loan on such a premises.
It varies from the lender to lender. Santander has different instructions from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kingsley. Conveyancing may be slightly more expensive based on your lender's requirements.
My uncle has urged me to use his conveyancers in Kingsley. Should I use them?
No doubt the best way to choose a conveyancing solicitor is to get feedback from friends or family who have actually used the solicitor that you are are thinking of instructing.
Back In 2000, I bought a leasehold house in Kingsley. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Kingsley who acted for me is not around. Any advice?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Kingsley conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Kingsley Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
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You should be aware if it is less than eighty years it will affect the marketability of the property. Check with your lender that they are happy with the length of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Kingsleylease extensions you will need to own the residence for two years in order to be entitled to extend the lease. The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders have control and although a managing agent is often retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. This question is important as a) areas could result in problems in the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to know about it