I am one month into the sale of my maisonette in Stilton and the EA has just e-mailed to say that the buyers are switching solicitor. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Stilton ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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 unlikely to have any impact on this.
I am thinking of refinancing my flat in Stilton, does my lawyer need to be on the Lloyds Solicitor panel?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
We are buying a property and the conveyancer has referenced Chancel Repair for which the house could be liable given it’s proximity to the area of such a church. He has mentioned insurance. Is this strictly necessary for conveyancing in Stilton
Unless a prior acquisition of the house took place after 12 October 2013 you can assume that lawyers conducting conveyancing in Stilton to remain encouraging a chancel search and or insurance against a claim.
Just had an offer accepted on a new build apartment in Stilton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Stilton
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Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Stilton I like with amenity areas and railway links nearby, however it only has 52 years on the lease. There is not much else in Stilton suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
There are plenty of properties in Stilton on private roads. I am purchasing such a house. Are there any advantages to buying a house on a privately owned road?
Stilton conveyancing lawyers are familiar with dealing propertieson unadopted roads. The lawyer should investigate title to find any rights or liabilities. In many cases there is a residents association that residents make annual payments to maintain the road. If one exists, the road will likely be maintained and look better than council owned.