I am one month into the sale of my house in Overton and the estate agent has just text me to advise that the buyers are switching solicitor. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Overton ?
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 Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened 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 hearing daily from firms 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 buyers are unlikely to have any impact on this.
I am about to put an offer on a leasehold property in Overton. The property agents assure me that it is the norm for flats in Overton to have less than 75 years unexpired on the lease. I am getting a loan with Accord Mortgages. Is this going to be acceptable if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 7/11/2024 the requirements read as follows :
My friend advised me that where I am buying in Overton I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Overton conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Overton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Overton.
The deeds to our property are lost. The lawyers who did the conveyancing in Overton 4 years ago are no longer around. What are my options?
Assuming you have a registered title the information relating to your ownership will be documented by HMLR under a Title Number. It is possible to execute a search at the Land Registry, locate your house and get current copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will in most cases hold a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
Am I best advised to instruct a Overton conveyancing practitioner in close proximity to the house I am buying? We have a good friend who can handle the legal work but his firm is located 200miles drive away.
The benefit of a high street Overton conveyancing firm is that you can drop in to execute paperwork, hand in your ID and pester them if necessary. They will also have local insight which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were content that must trump using an unfamiliar Overton conveyancing lawyer solely due to them being Overton based.
Do I cancel my mortgage payments with TSB as soon as a completion date for my home sale in Overton has been agreed?
You are best advised to keep meeting any mortgage sums to TSB until the mortgage is redeemed out of the proceeds of sale as part of your Overton conveyancing.