I am nearing exchange of contracts for my apartment in Moreton and the EA has just called to warn that the purchasers are swapping solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Moreton ?
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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 purchasers are unlikely to have any sway in the decision.
My lender has suggested solicitors on their panel based in Moreton but I would rather choose a conveyancing lawyer in Moreton or nearer to where I live. Are you able to help?
Far from all Moreton conveyancing practices are on all lender’s conveyancing panel. Please make use of our find an approved solicitor tool to choose a Moreton conveyancing firm on the on the lender panel.
I understand that there are debates on Chancel Insurance on online forums. Do I need this when purchasing a property in Moreton? or Apparently there is historic law that means some homeowners residing in a parish church boundary may be liable to pay for repairs towards the chancel in proximity to the church. Is this applicable for conveyancing in Moreton?
Unless a prior acquisition of the property completed post 12 October 2013 you can take it that solicitors carrying out conveyancing in Moreton to continue to recommend a chancel search and or chancel repair liability insurance.
I used Wolstenholmes a few years past for my conveyancing in Moreton. Now, I need the files however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Moreton of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Moreton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Moreton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Moreton you must be sure that your lawyer goes 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 Moreton 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 premises.
I own a leasehold flat in Moreton. Conveyancing was finished in 2009. I have heard that I should not allow the lease length fall too low. Why is that a problem?
Moreton residential long term leases are for a set term - usually ninety nine years when they commenced. However a significant appartments in Moreton were constructed or converted in the 70’s80’s and so these leases now have fewer than eighty years left to run. That may sound like a long time but Banks, Building Societies and other mortgage lenders on the whole require leases to have a minimum of seventy five years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing 75 years. To optimize the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to taking action before the lease reaches even 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to get a lot more expensive.