I am selling my flat in Peterborough and the EA has just telephoned to say that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a major lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Peterborough ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the pruning – 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. The buyers are not going to have any impact on this.
Completed the sale of my flat in Peterborough last June yet the purchaser is telephoning daily to say their solicitor is waiting to hear from mylawyer. What are the post completion sale formalities following completion?
Following your house sale your lawyer should deliver the transfer deeds and all supplemental paperwork to the purchaser's solicitors. Depending on the transaction, your solicitor should also evidence that the mortgage has been paid off to the purchasers solicitors. There are no post completion steps just for conveyancing in Peterborough.
I am purchasing a flat and need a conveyancing solicitor in Peterborough who is on the HSBC Bank solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for HSBC Bank in certain locations such as Peterborough. We dont recommend any particular firm.
I am helping my sister sell her flat in Peterborough. Does the solicitor commission the energy assessment or should I organise this?
Following the demise of Home Packs, EPC’s remained a mandatory element of selling a house. An EPC needs to be commissioned before the property is advertised. This is not something that solicitors ordinarily arrange. Where you are using a Peterborough conveyancing solicitor they may help arrange EPC’s due to their relationships with long established local accredited person
I have been told by my solicitor that flying freehold insurance is required on my purchase. What is the level of cover for Peterborough conveyancing?
The right level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
My sealed bid on a property in Peterborough has been accepted, but there is a chain. The owners have offered on a property, but it’s not been accepted yet, and have viewings of other properties booked. I have selected a bricks and mortar conveyancing solicitor in Peterborough. What do I do now? When do I get the mortgage application with UBS going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Peterborough conveyancing search costs, etc). The first course of action is to check that your lawyer is on the UBS approved list. As to the subsequent steps this very much depends on the specifics of your case, motivation for this property and on the state of the market. In a rising market many home buyers would apply for the mortgage with UBS and pay for the valuation and only if it was satisfactory would they request their solicitor to proceed with the conveyancing in Peterborough.
I have been pointed in your direction by numerous property agents in Peterborough to find a conveyancer on your site. What’s the financial advantage for Estate Agents to recommend your services rather than another?
We don’t give any commission for sending work our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Having had my offer accepted I require leasehold conveyancing in Peterborough. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Peterborough - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Peterborough Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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Are there any major works anticipated that will likely add a premium to the maintenance fees? Best to be warned whether redecorating or some other major work is anticipated that will be shared by the tenants and may well materially impact the level of the maintenance fees or necessitate a one off payment. In the main the outlay for major works are not built into the maintenance charges, albeit that a few managing agents in Peterborough require tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance.