I am progressing with the sale of my maisonette in Selsdon and the estate agent has just text me to say that the buyers are appointing a new law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Selsdon ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions attribute this action to a rise in fraud by way of justification for the reduction – 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 hearing daily from firms 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.
My aunt passed away six months ago and as sole heir and executor I was left the property in Selsdon. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
Where you plan to refinance then UBS will insist on your using a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
I have recentlybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Selsdon for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Selsdon conveyancing specialists.
I am purchasing my first flat in Selsdon with a loan from Barclays . The developers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my lawyer about this extras as it will put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Selsdon is the location of the property. Is there any guidance you can give?
Flying freeholds in Selsdon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Selsdon you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Selsdon may decide 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 property.
In what way can the Landlord & Tenant Act 1954 affect my commercial property in Selsdon and how can you help?
The 1954 Act gives a safeguard to commercial tenants, giving them the a statutory right to make a request to court for a new lease and continue in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Selsdon is one of the many areas of the UK in which the firms we work with have offices