I am six weeks into the sale of my home in Silverton and the EA has just called to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Silverton ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 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. Your purchasers are unlikely to have any sway in the decision.
We previously chose conveyancers based in Silverton on the RBS solicitor approved list. They have just invoiced me a further sum for dealing with the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor is entitled to charge a fee for this. The charge is not set by RBS but by your Silverton lawyer. Plenty of firms on the RBS panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I was told three weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Silverton is approved on their conveyancing panel? Aldermore have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Silverton solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton 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 conveyancer 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 Silverton postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Silverton.
Me and my brother own a renovated Edwardian house in Silverton. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to read 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Silverton 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 buyers. You can also question the position with the conveyancing practitioner who conducted the purchase.
I am purchasing a new build house in Silverton with the aid of help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my lawyer about this side-deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Silverton prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some banks may not grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Silverton. Conveyancing will be smoother if you use a solicitor in Silverton especially if they regularly deal with such properties in Silverton.
What are the common defects that you see in leases for Silverton properties?
Leasehold conveyancing in Silverton is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Silverton - Sample of Questions you should consider Prior to Purchasing
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This information is important as a) areas could result in problems for the building as the common areas may begin to deteriorate where services are not paid for b) if the tenants have an issue with the managing agents you will need to have all the details You should want to find out as much as you can about the managing agents as they can either make your life much simpler or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the upkeep of the communal areas. Ask other tenants what they think of them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and precisely what it includes.