I am nearing exchange of contracts for my home in St Johns and the EA has just telephoned to say that the buyers are swapping solicitor. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in St Johns ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are not going to have any impact on this.
IfI was to purchase a straightforward homein St Johns for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in St Johns?
The only reduction in fees you would make on is the St Johns conveyancing searches. A property lawyer still got to do everything else - money laundering, communicating with the vendors solicitor, SDLT return, register the ownership etc. You might save a bit for them not having to register a mortgage however it won't be a lot.
It is 10 years ago since I bought my property in St Johns. Conveyancing lawyers have just been retained on the sale but I can't track down my deeds. Will this cause complications?
You need not be too concerned. Firstly there is a possibility that the deeds will be with your mortgage company or they could be archived with the solicitor who handled your purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in St Johns involves registered property but in the unlikely event that your home is not registered it is more problematic but is resolvable.
I have been told that property searches are a common reason for obstruction in St Johns conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in St Johns.
I am using a search engine for the term on line conveyancing in St Johns it brings up many property lawyerslocally. How do I determine which is the right solicitor for me?
The preferential method of choosing a suitable conveyancer is via trusted testimonial, so seek the opinion of colleagues and those you trust who have acquired a property in St Johns or a local estate agent or mortgage broker. Fees for conveyancing in St Johns differ, so it's sensible to secure at least three costs illustrations from different companies. Make sure that you know what costs in the quote includes.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in St Johns. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension matter before the tribunal for a St Johns flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The remaining number of years on the lease was 72 years.
What are the frequently found defects that you see in leases for St Johns properties?
Leasehold conveyancing in St Johns is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
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. Lloyds TSB Bank, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.