I am nearing exchange of contracts for my house in Seaton Delaval and the estate agent has just called to say that the buyers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a leading lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Seaton Delaval ?
Lenders have always had an approved set of law firms that can represent them, but in the last few 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 more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. The purchasers are not going to have any impact on this.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would prefer to use a Seaton Delaval based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel lawyers where you want the "fee-free" deal. Speak to the bank to determine if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Seaton Delaval.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Seaton Delaval. Conveyancing is daunting 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.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Seaton Delaval
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There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
How easy is it to use your search app to find a conveyancing lawyer in Seaton Delaval on the approved list for my mortgage?
Step one is to select a lender such as HSBC Bank, Coventry Building Society or TSB then type in your preferred area for example Seaton Delaval. Conveyancing organisations in Seaton Delaval and beyond will then be listed.
I have just appointed agents to market my basement apartment in Seaton Delaval. Conveyancing is yet to be initiated, but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would because all ground rent and service charges should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer 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.
Leasehold Conveyancing in Seaton Delaval - Examples of Queries Prior to Purchasing
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The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the leaseholders enjoy control and even though a managing agent is often employed if it is bigger than a house conversion, the managing agent employed by the leaseholders. Who are the managing agents? Many Seaton Delaval leasehold flats will be liable to pay a service bill for the upkeep of the block set by the management company. Should you acquire the flat you will have to meet this contribution, normally quarterly accross the year. This could differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say about £25-£75 but you should to check it because occasionally it could be many hundreds of pounds.
When it comes to my conveyancing in Seaton Delaval should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Seaton Delaval conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.