I am progressing with the sale of my home in Rickmansworth and the EA has just e-mailed to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Rickmansworth ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud by way of justification for the reduction – 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 claims that 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. The buyers are unlikely to have any sway in the decision.
We are buying a newly constructed duplex in Rickmansworth and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should my lawyer be asking questions concerning flooding during the conveyancing in Rickmansworth.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Rickmansworth. Plenty of people will buy a house in Rickmansworth, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the buyer or by their lawyers which will figure out the risks in Rickmansworth. The standard information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a purchaser may commence a claim for damages stemming from an misleading reply. The buyer’s lawyers will also conduct an enviro search. This will indicate whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Rickmansworth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Rickmansworth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rickmansworth you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rickmansworth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Do I need to be suspicious that brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Rickmansworth conveyancing practice?
As is the case with many professional services, often input from family and friends can be most helpful. Yet there are lots of players in a conveyancing deal; estate agents, mortgage brokers and lenders might all put forward solicitors to instruct. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to select your preferred lawyer. Don't forget that some mortgage providers specify a panel list of lawyers you must use for the lender related work in your transaction.
I've recently bought a leasehold house in Rickmansworth. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in trying to purchase the freehold in Rickmansworth. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Rickmansworth conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Rickmansworth residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired term was 71 years.