I am selling my apartment in Ottershaw and the estate agent has just e-mailed to say that the purchasers are swapping solicitor. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Ottershaw ?
Banks have always had panels 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 more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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. Some 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. The purchasers are not going to have any impact on this.
The owners have very pushy vendors who has insisted on a preliminary agreement with a down payment of 5k. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a property owner and purchaser giving the buyer a ‘clear field’ to purchase the premises within a prescribed time frame. Essentially, an exclusivity agreement is a contract specifying that you should receive a contract at a later date which is the contract for the actual sale. It tends to be used for buyer protection though in some cases, the vendor may stand to benefit from such agreements as well. There are various pros and cons to having them but you should to check with your solicitor but note that it may end up costing you extra in conveyancing fees. In light of these reasons these agreements are unusual when it comes to conveyancing in Ottershaw.
Completed the sale of my flat in Ottershaw last October yet the purchaser is texting daily to moan that his solicitor is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Post completion of your house sale your conveyancer is obliged to forward the transfer documentation and all of the paperwork to the buyer’s conveyancer. If applicable, your lawyer must also confirm that the home loan has been repaid to the buyers lawyers. There is unlikely to be post completion steps specific conveyancing in Ottershaw.
I bought my apartment on 2 October and my personal details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Ottershaw advises it will be recorded inside ten days. Are transfers in Ottershaw uniquely lengthy to register?
There is nothing unique about conveyancing in Ottershaw registration formalities. As opposed to being determined by geographic area, timescales can vary according to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd parties. As of today approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration is effected after the purchaser has moved in to the property thus registration formalities is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the encouragement of my in-laws I had a survey completed on a property in Ottershaw before appointing conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to grant a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ottershaw. Conveyancing may be slightly more expensive based on your lender's requirements.
How does the Landlord & Tenant Act 1954 affect my commercial premises in Ottershaw and how can your lawyers assist?
The 1954 Act gives protection to commercial tenants, granting the legal entitlement to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Ottershaw is one of the many locations in which the firms we work with are located