I am progressing with the sale of my ground floor flat in Pitstone and the EA has just text me to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Pitstone ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. 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 unlikely to have any sway in the decision.
In the event thatI was to acquire a simple residential propertyin Pitstone mortgage fee and have no survey and no conveyancing searches how much could I expect to to save on my conveyancing in Pitstone?
The only reduction in fees you would make on is the Pitstone conveyancing searches. The lawyer still got to do everything else - money laundering, liaising with the sellers lawyer, SDLT submission, register the property etc. You might save a bit for them not needing to register a mortgage but it will not be a lot.
Completed the sale of my flat in Pitstone last April yet the purchaser is whats apping every few hours complaining that their conveyancer needs to hear from myconveyancer. What are the post completion sale formalities following completion?
After completion of your disposal your solicitor should send the transfer deeds and all of the paperwork to the purchaser's conveyancer. If applicable, your lawyer must also confirm that the legal charge in favour of the lender has been redeemed to the purchasers lawyers. There are no post completion procedures just for conveyancing in Pitstone.
My wife and I purchased a terraced Victorian house in Pitstone. Conveyancing practitioner represented me and Virgin Money. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. Is it worth asking Virgin Money to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pitstone and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing solicitor who conducted the purchase.
Due to the guidance of my in-laws I had a survey completed on a house in Pitstone in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Pitstone. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Pitstone. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Pitstone - 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.
Leasehold Conveyancing in Pitstone - Examples of Questions you should consider Prior to buying
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The best form of lease arrangement is where the freehold interest is owned by the leaseholders. In this situation the lessees have control and although a managing agent is frequently retained where it is larger than a house conversion, the managing agent is directed by the tenants. Generally speaking the outlay for major works are not incorporated into the maintenance charges, although some managing agents in Pitstone require leasehold owners to contribute towards a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. What is the the remaining lease term?