I am five weeks into the sale of my home in Petts Wood and the estate agent has just e-mailed to say that the purchasers are appointing a new conveyancer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Petts Wood ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. 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 sway in the decision.
It is is a decade since I bought my property in Petts Wood. Conveyancing lawyers have just been appointed on the sale but I am unable to track down my deeds. Is this a major issue?
Don’t worry too much. First there is a possibility that the deeds will be kept by your mortgage company or they may stored with the conveyancers who handled the purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Petts Wood involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
We're in Petts Wood, FTBs purchasing with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have recentlydiscovered that Action Conveyancing have closed. They carried out my conveyancing in Petts Wood for a purchase of a leasehold apartment 10 months ago. How can I check that the property is in my name in the name of the previous owner?
The easiest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Petts Wood conveyancing specialists.
I'm buying a new build house in Petts Wood with the aid of help to buy. The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about this side-deal as it will impact my mortgage 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 have just appointed agents to market my basement apartment in Petts Wood. Conveyancing lawyers have not yet been instructed, but I have just received a quarterly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all rents and service charges should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a ground flat in Petts Wood. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Most certainly. We can put you in touch with a Petts Wood conveyancing firm who can help.
An example of a Lease Extension case for a Petts Wood residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.