I am selling my home in Speke and the EA has just text me to warn that the purchasers are switching solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Speke ?
UK lenders have always had an approved set 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 many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are not going to have any impact on this.
Why do I have to pay up front when it comes to conveyancing in Speke?
If you are buying a property in Speke your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the conveyancing searches. When the deposit is as part of the purchase price then this will be asked for immediately before contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
What is the difference between a licensed conveyancer and conveyancing solicitor in Speke
There are many registered licenced Conveyancers in Speke and Solicitor practices in Speke who provide Conveyancing services We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I am helping my niece sell her property in Speke. Does the conveyancer arrange the energy assessment or should I organise this?
After the demise of HIPs, EPC’s was left as a mandatory component of moving house. An energy assessment must be commissioned in advance of the property being advertised. This is not a task that conveyancers normally arrange. If you are instructing a Speke conveyancing solicitor they may be willing to arrange EPC’s given their contacts with long established local accredited person
I currently have a mortgage with Leeds Building Society for my property in Speke. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
I used Stirling Law a few years ago for my conveyancing in Speke. Now, I need my files however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Speke of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a property in Speke ahead of retaining lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not issue a mortgage on such a property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to call us we can check with 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 Speke. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Speke to see if the conveyancing costs will increase in light of this.
Can you provide any top tips for leasehold conveyancing in Speke with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Speke can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. Some Speke leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. Many landlords or managing agents in Speke levy fees for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Speke. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Speke leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Where you fail to have the approvals to hand you should not contact the landlord without checking with your lawyer in advance.
Leasehold Conveyancing in Speke - Examples of Queries before Purchasing
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Please inform me if there are any major works on the horizon that will increase the service charges? Generally speaking the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Speke obliged tenants to contribute towards a reserve fund and this is used to offset against major repairs or maintenance. Who is in charge of the building?