I am in the process of selling my ground floor flat in Leatherhead and the estate agent has just text me to advise that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major lender only work with specific law firms rather the firm that they want to choose for their conveyancing in Leatherhead ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 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 buyers are not going to have any impact on this.
It is a dozen years since I acquired my property in Leatherhead. Conveyancing lawyers have now been retained on the sale but I am unable to track down my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be with your lender or they could be in the possession of the lawyers who handled the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Leatherhead involves registered property but in the rare situation where your property is not registered it is more problematic but is not insurmountable.
Are there restrictive covenants that are commonly identified as part of conveyancing in Leatherhead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Leatherhead. 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…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Leatherhead. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Leatherhead
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
What advice can you give us when it comes to appointing a Leatherhead conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Leatherhead conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Leatherhead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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How many lease extensions have they carried out in Leatherhead in the last year? If they are not ALEP accredited then why not?
Leasehold Conveyancing in Leatherhead - Examples of Questions you should consider Prior to Purchasing
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What prohibitions are contained in the Leatherhead Lease? Is the freehold owned jointly by the leaseholders? It would be sensible to find out as much as possible about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day matters such as the tidiness of the common parts. Ask prospective neighbours whether they are happy with them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
My partner and I about to complete buying a house in Leatherhead but as a result of wreckage from the recent storms I have negotiated recompense from the current proprietors of £2k by way of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process but my mortgage company will not permit this. Why were they involved?
Your solicitor listed on a lender conveyancing panel is required to disclose to the lender of any amendments to the purchase price. If you prohibit your solicitor to disclose the price change to your bank then they would need to refrain from acting for you and the mortgage company.