I am five weeks into the sale of my flat in North Cornelly and the EA has just e-mailed to advise that the purchasers are swapping property lawyer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in North Cornelly ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 being contacted daily by practices 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 unlikely to have any sway in the decision.
My husband and I are purchasing a brand new duplex in North Cornelly and my solicitor is advising me that she has to the lender to disclose incentives from the developer. I am under pressure to exchange and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather use a North Cornelly based conveyancing firm?
You should check but the chances are that appoint one of their panel conveyancers if you take up the "fee-free" incentive. Speak to the bank to determine if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near North Cornelly.
My friend suggested that if I am purchasing in North Cornelly 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 North Cornelly conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about North Cornelly around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, North Cornelly Education with plans and statistics, Local Amenities and other useful information concerning North Cornelly.
I purchased a semi-detached Victorian property in North Cornelly. Conveyancing practitioner acted for me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
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 North Cornelly and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing solicitor who carried out the work.
What makes a North Cornelly lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in North Cornelly. Most leases are drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain elements of the building
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
North Cornelly Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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What is the service charge and ground rent on the apartment? Who manages the building? Be sure to investigate if there is anything that is prohibited in the lease. For instance it is fairly common in North Cornelly leases that pets are not permitted in certain buildings in North Cornelly. If you like the propertyin North Cornelly however your cat is not allowed to move with you then you will be faced difficult determination.