I am selling my house in Ottershaw and the EA has just e-mailed to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Ottershaw ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders justify this action to a rise in fraud as the reason for the pruning – 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 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. Your purchasers are unlikely to have any sway in the decision.
I purchased a freehold residence in Ottershaw yet charged rent, why is this and what is this?
It is rare for properties in Ottershaw and has limited impact for conveyancing in Ottershaw but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am buying a garden flat in Ottershaw. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ottershaw you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ottershaw.
Are there any apps to help identify a Ottershaw solicitor on the Halifax conveyancing panel? I have a car and am prepared to travel upto 10miles to meet the lawyer.
Feel free to make use of the tool on this page. Please select a bank and your location and you will see a number of Ottershaw conveyancing lawyers based on proximity. We have detailed some Ottershaw conveyancing firms at the bottom of this page and you can telephone them to verify if they are on the Halifax panel
I am a negotiator for a reputable estate agent office in Ottershaw where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ottershaw conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. This means that the proposed purchaser 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 needs to be completed before, or simultaneously with 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.
Ottershaw Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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It is important to be aware if a new roof is being installed or some other major work is coming up that will be shared amongst the leasehold owners and will dramatically impact the level of the service costs or necessitate a specific invoice. What is the service charge and ground rent on the apartment? Most Ottershaw leasehold properties will incur a service charge for the upkeep of the block levied by the management company. Where you purchase the apartment you will have to pay this charge, normally in instalments during the year. This may vary from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge to be met yearly, normally this is not a exorbitant sum, say around £50-£100 but you need to check as occasionally it can be prohibitively expensive.
Our bank agreed in principle to grant us a mortgage. We instructed a high street conveyancer in Ottershaw last week. Today, our broker called to say that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the mortgage company had some control over our choice Is this usual?
You are at liberty to appoint any lawyer you wish to choose for your conveyancing in Ottershaw however if your mortgage company aren't happy with them you will have to pay additional cost so the mortgage company can retain their own lawyers. sometimes it is conceivable that your solicitor may apply to get included on to the bank list of approved firms. You can use internet search facilities including lenderpanel.com to find a conveyancing solcitor in Ottershaw on the lender panel. You can go into your local bank branch in Ottershaw. They will know some good conveyancing solicitors in Ottershaw on the panel for your mortgage company.