I am selling my house in Rugeley and the estate agent has just text me to advise that the buyers are changing their property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Rugeley ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened 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 being contacted daily by practices 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. Your purchasers are not going to have any impact on this.
Have just purchased a probate house at auction in Rugeley. Conveyancing is required. What happens now?
Now that you have legally committed yourself to purchase you should choose a conveyancing practitioner as a matter of priority as you now have a pending a fixed date to complete the conveyancing. All auction property will ordinarily have a corresponding auction pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You must pass this on to the conveyancer working for you as soon as possible. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
I can not work out if my bank requires a lease extension. I have called into my local Rugeley bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Rugeley conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Rugeley solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Rugeley postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Rugeley.
I am planning on selling our house in Rugeley and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used an internet conveyancing outfit as opposed to a conveyancing solicitor in Rugeley. We have lived in Rugeley for three years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
2 months have gone by following my purchase conveyancing in Rugeley concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Rugeley. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Rugeley
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan.
Should I be worried if there is an issue with the searches carried out as part of my conveyancing in Rugeley?
Normally, the majority of concerns arising from Rugeley conveyancing search results can be dealt with before completion or indemnity insurance could possibly be put on cover. It is important to note that although you are purchasing the property and might be willing to accept the search results, your lender may not, and ultimately they have the word say.