I am progressing with the sale of my ground floor flat in South Brent and the EA has just telephoned to warn that the buyers are appointing a new law firm. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in South Brent ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 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. Your buyers are not going to have any impact on this.
My fiance and I intend to remortgage our flat in South Brent with Skipton. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Skipton conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Skipton conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Skipton. This is solely used to protect Skipton if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Skipton had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Finally the sale completed on my house in South Brent last June yet the purchaser is whats apping daily to moan that his conveyancer is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Following your disposal your solicitor is obliged to forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. If applicable, your conveyancer should also confirm that the mortgage has been redeemed to the buyers solicitors. There are no post completion formalities just for conveyancing in South Brent.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would much rather appoint a South Brent based conveyancing firm?
Do check but the the probability is that appoint one of their panel lawyers if you accept the "fee-free" offer. Call the bank and ask if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in South Brent.
I have a renovated Victorian property in South Brent. Conveyancing solicitor represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Birmingham Midshires 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in South Brent 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 mortgage companies. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
I am buying a new build flat in South Brent. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in South Brent
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?