I am selling my maisonette in St Paul's Cray and the EA has just text me to advise that the purchasers are appointing a new solicitor. The reason given is that the bank will only engage with solicitors on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to choose for their conveyancing in St Paul's Cray ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. Plenty of firms 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 unlikely to have any impact on this.
Our conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in St Paul's Cray. The other side have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must check that the bank is happy with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
I have todaybeen informed that Action Conveyancing have closed. They conducted my conveyancing in St Paul's Cray for a purchase of a leasehold flat 18 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of St Paul's Cray conveyancing specialists.
About to purchase a new build flat in St Paul's Cray. 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 conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in St Paul's Cray
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I need to retain a conveyancing solicitor for residential conveyancing in St Paul's Cray. I happened to land on a web site which seems to have the ideal solution If there is a chance to get all the legals done via phone that would be preferable. Do I need to 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?
We are expecting to exchange on the purchase a property in St Paul's Cray but as a consequence of damage from the recent storms I have agreed compensation from the seller of £2k taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but my lender will not agree to this. Why were they approached?
Any property lawyer listed on the mortgage company conveyancing panel is obliged to advise the bank of any variations to the sale amount. If you prohibit your lawyer to notify the price change to your mortgage company then they would have to refrain from representing you and the lender.