I am selling my apartment in Ollerton and the estate agent has just telephoned to warn that the buyers are swapping law firm. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Ollerton ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. Your purchasers are not going to have any impact on this.
In the event thatI was to acquire a simple residential homein Ollerton for cash and have no survey and no conveyancing searches how much should I expect to have to pay for conveyancing in Ollerton?
The only saving you would make on is the Ollerton conveyancing searches. A lawyer is obliged to do the vast majority of work - money laundering, liaising with your vendors solicitor, stamp duty return, register the property etc. A slight saving might be made by not having to register a charge however it will not be meaningful.
Is it the case that all Ollerton CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved solicitors?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
Can I be sure that the Ollerton conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Ollerton obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your transaction.
I had a mortgage agreed in principle with Aldermore. Ollerton conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore conducted the valuation? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The deeds to my home are lost. The conveyancers who dealt with the conveyancing in Ollerton 5 years ago have long since closed. What do I do?
Gone are the days when you need to have the physical official documentation to evidence that you own the land or premises, given that the Land Registry have everything they need in a digital format.
I am purchasing my first flat in Ollerton with a loan from The Mortgage Works. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The property agent advised me not to tell my lawyer about the extras as it could affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a busy estate agent office in Ollerton where we see a few leasehold sales derailed due to short leases. I have received conflicting advice from local Ollerton conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Ollerton - Examples of Queries before Purchasing
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How many years are left on the lease? Where a Ollerton lease has less than 80 years it will impact the value of the flat. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will need to own the property for two years before you are entitled to extend the lease. Is there a share of the freehold?