I am one month into the sale of my flat in Northumberland Heath and the estate agent has just telephoned to advise that the buyers are appointing a new solicitor. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Northumberland Heath ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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 impact on this.
Can you clarify what the consequences are if my solicitor is suspended from the Lloyds Solicitor panel ahead of completing my conveyancing in Northumberland Heath?
The first thing to point out is that, this is a very rare occurrence. 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 at a cost.
We are purchasing a detached bungalow in Northumberland Heath. We would like to carry out a loft conversion at the property.Will the conveyancing process include enquiries to see if these alterations are allowed?
Your property lawyer will review the registered title as conveyancing in Northumberland Heath will occasionally identify restrictions in the title deeds which restrict categories of changes or need the permission of another owner. Certain works call for local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
I am purchasing a property in Northumberland Heath. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that you are obtaining a mortgage with Aldermore your lawyer must check the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Aldermore where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Northumberland Heath.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Northumberland Heath bank branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Northumberland Heath conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
The solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The estate agent has sent us the confirmation of our purchase of a new build flat in Northumberland Heath. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Northumberland Heath
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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. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I decided to have a survey done on a property in Northumberland Heath ahead of appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders tend not give a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Northumberland Heath. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Northumberland Heath to see if the conveyancing costs will increase in light of this.
After what feels like an age I have had an offer on an flat in Northumberland Heath agreed to, the vendor does nevertheless have a dependent purchase. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a local conveyancing lawyer in Northumberland Heath. What do I do now? At what point should I apply for the mortgage with Lloyds?
It is normal to have concerns where there is a chain given your reluctance to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Northumberland Heath conveyancing search charges, etc). The first course of action is to ensure that your lawyer is on the Lloyds conveyancing panel. Concerning the next phase this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. In a rising market the majority of purchasers would apply for the mortgage with Lloyds and pay for the valuation and only if it comes back ok would they pay their property lawyer to proceed with the conveyancing in Northumberland Heath.