I am progressing with the sale of my home in Southend On Sea and the EA has just text me to warn that the buyers are appointing a new law firm. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Southend On Sea ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 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 unlikely to have any sway in the decision.
I am the single beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Southend On Sea. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the CML six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in October. Do I have to wait half a year to sell?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view banks take of it, depend on the bank as this provision is principally there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to lenders such as TSB, do Southend On Sea lawyers incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
The formalities of my purchase has taken place for my property in Southend On Sea. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How does conveyancing in Southend On Sea differ for newly converted properties?
Most buyers of new build or newly converted property in Southend On Sea contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Southend On Sea usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southend On Sea or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Southend On Sea is the location of the property. Is there any advice you can give?
Flying freeholds in Southend On Sea are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southend On Sea 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 Southend On Sea may ascertain 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.
My business partner and I are planning to lease a unit on a shopping parade. Can you recommend lawyers offering no-move-no charges for commercial conveyancing in Southend On Sea for less than £1,200?
We can recommend firms who host a wealth of experience of commercial conveyancing in Southend On Sea, including the sale and purchase of businesses as well as simply property. Whether you are looking to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right lawyer. As for the charges this will depend on the structure and complexity of the deal. Let us have your contact information or phone so as to enable us to supply you with a detailed commercial conveyancing calculation.
What makes a Southend On Sea lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Southend On Sea. All leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may have 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. Nationwide Building Society, The Mortgage Works, and Alliance & Leicester all have very detailed 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 provide security, forcing the buyer to pull out.
Southend On Sea Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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The best form of lease arrangement is a share of the freehold. In this arrangement the tenants have control and even though a managing agent is often employed where it is larger than a house conversion, the managing agent employed by the leaseholders. Is the freehold owned jointly by the tenants?