I am in the process of selling my flat in Sandy and the EA has just telephoned to advise that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Sandy ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened 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 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 purchasers are unlikely to have any impact on this.
I sincerely hope you can help me. My Sandy conveyancer is informing me me that she is duty bound toapply for Sandy conveyancing searches asthe firm are on the HSBCapproved lawyer panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Sandy conveyancing searches.
My wife and I are downsizing from our property in Sandy and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed an online conveyancing firm rather than a conveyancing solicitor in Sandy. Having lived in Sandy for 4 years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You must 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 since my purchase conveyancing in Sandy took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 residence 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.
In my capacity as executor for the estate of my grandmother I am selling a house in Monmouth but live in Sandy. My solicitor (approximately 235 miles from merequires that I execute a statutory declaration ahead of completion. Could you suggest a conveyancing solicitor in Sandy to attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are Sandy based
I am a negotiator for a long established estate agency in Sandy where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Sandy conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Sandy Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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Generally speaking the outlay for major works are not included within service charges, although there some managing agents in Sandy obliged leaseholders to contribute towards a reserve fund created for the specific purpose of establishing a fund for major repairs or maintenance. Please note that where the lease has less than eighty years it will have adverse implications on the salability of the property. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Sandylease extensions you would need to own the premises for two years before you are entitled to extend the lease. How many of the leaseholders are in arrears for their service charge payments?