I am in the process of selling my maisonette in Meir and the EA has just telephoned to advise that the buyers are switching solicitor. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Meir ?
Banks 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 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 not going to have any sway in the decision.
My relative advised me that if I am buying in Meir I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Meir conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Meir around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Meir Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Meir.
Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who did the conveyancing in Meir 5 years ago have long since closed. What are my next steps?
Assuming the title is registered the details of your proprietorship will be retained by the Land Registry with a Title Number. It is easy to conduct a search at the Land Registry, find your house and secure up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
How does conveyancing in Meir differ for new build properties?
Most buyers of new build or newly converted property in Meir come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Meir typically buy the land, 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 conveyancers 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 accustomed to new build conveyancing in Meir or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. Meir is the location of the property. Can you shed any light on this issue?
Flying freeholds in Meir are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Meir you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Meir may decide 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.
Do you have any top tips for leasehold conveyancing in Meir with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Meir can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ solicitors. If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy process and frustrates many a Meir home move. If a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this as soon as possible. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Meir state that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer before hand. You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Meir leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
Meir Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
-
Who takes responsibility for maintaining and repairing the block? Are any of leasehold owners in arrears of their service charge payments? Is there a share of the freehold?