I am in the process of selling my maisonette in Oakleigh Park and the estate agent has just e-mailed to advise that the purchasers are switching law firm. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Oakleigh Park ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies 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 hearing daily from firms that have been removed from panels. Plenty of firms 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. Your buyers are unlikely to have any sway in the decision.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Coventry BS Solicitor panel ahead of completing my conveyancing in Oakleigh Park?
First, 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 for a fee.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a residence in Oakleigh Park? or I am told that there is an ancient law that means some owners of property living in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Oakleigh Park?
Unless a prior acquisition of the property took place post 12 October 2013 you can assume that conveyancing practitioners carrying out conveyancing in Oakleigh Park to continue to suggest a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly identified during conveyancing in Oakleigh Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Oakleigh Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build flat in Oakleigh Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Oakleigh Park
-
Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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.
I need to instruct a conveyancing solicitor for some conveyancing in Oakleigh Park. I have chance upon a web site which looks to be the ideal solution If it is possible to get all this stuff completed via web that would be ideal. 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?