I am progressing with the sale of my apartment in Shacklewell and the estate agent has just called to advise that the purchasers are appointing a new conveyancer. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a big named lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Shacklewell ?
Lenders have always had panels of law firms they are content to work with, 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 worked with them for decades.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. 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 buyers are not going to have any sway in the decision.
My Shacklewell conveyancer has uncovered a difference when comparing the information in the valuation report and what is revealed within the title deeds. My solicitor informs me that he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My husband and I wish to acquire a purpose built apartment in Shacklewell with a loan from Skipton Building Society.We have a Shacklewell conveyancing practitioner but Skipton Building Society informed us he's not on their "panel". we are left little option but to use a Skipton Building Society panel solicitor or keep our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Skipton Building Society use our lawyer?
Unfortunately,no. The home loan issued to you is subject to its various provisions, a common one being that lawyers needs to be on the Skipton Building Society approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Skipton Building Society
I purchased a terraced Georgian house in Shacklewell. Conveyancing practitioner acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching address. Is it worth asking Lloyds TSB Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shacklewell and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who completed the work.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Shacklewell I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Shacklewell for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am using a search engine for the term on line conveyancing in Shacklewell it reveals numerous solicitorslocally. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The preferential method of seeking a suitable conveyancer is through a personal recommendation, so enquire of colleagues and those you trust who have bought a property in Shacklewell or the reputable estate agent or financial adviser. Fees for conveyancing in Shacklewell differ, so it's advisable to obtain at least four costs illustrations from different companies. Dont forget to clarify that the fees are fixed.