I am nearing exchange of contracts for my maisonette in Lyneham and the EA has just e-mailed to advise that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Lyneham ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the pruning – 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 claims that it is hearing daily from firms 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 unlikely to have any sway in the decision.
My son is in the process of securing a newly built flat in Lyneham with a home loan from RBS. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you clarify what the consequences are if my solicitor is removed from the TSB Conveyancing panel ahead of completing my conveyancing in Lyneham?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I purchased a semi-detached Edwardian property in Lyneham. Conveyancing solicitor represented me and Britannia. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Britannia to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lyneham and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing practitioner who conducted the purchase.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Lyneham I like with open areas and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Lyneham in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I need to find a conveyancing solicitor for some conveyancing in Lyneham. I have land on a site which looks to be the perfect offering If it is possible to get all the legals completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?