I am in the process of selling my apartment in St Anns and the EA has just called to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in St Anns ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed 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 by way of justification for the pruning – criteria have been narrowed 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 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. The buyers are not going to have any impact on this.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in St Anns so that I can attend their offices if necessary.
As opposed to ten years ago, almost all banks no longer need their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still manifest advantages to using a local practitioner, in your situation a conveyancing solicitor in St Anns.
My wife and I buying a end of terrace house in St Anns. Our aim is to carry out an extension to the side at the property.Will the conveyancing process include investigations to see if these works are allowed?
Your property lawyer will check the registered title as conveyancing in St Anns can on occasion reveal restrictions in the title documents which restrict categories of changes or require the permission of a 3rd party. Certain extensions need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these things with a surveyor before you commit yourself to a purchase.
Are all St Anns Conveyancing Quality Solicitors on the Skipton conveyancing list of approved practices?
It is true that some lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I recently had an offer accepted on an apartment in St Anns. My mortgage broker pressured me to appoint their conveyancer. I paid an advanced payment of £175. Shortly after, the lawyer contacted me sheepishly admitting that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase a new build apartment in St Anns. Conveyancing is a frightening process 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in St Anns
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants. 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.
I need to find a conveyancing solicitor for some conveyancing in St Anns. I have land on a web site which appears to be the perfect solution If there is a chance to get all the legals done via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What makes a St Anns lease defective?
There is nothing unique about leasehold conveyancing in St Anns. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions 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
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, 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 provide security, obliging the buyer to pull out.
I invested in buying a leasehold flat in St Anns, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in St Anns with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2088
You have 64 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.