I am progressing with the sale of my apartment in Stockbridge and the estate agent has just telephoned to advise that the buyers are changing their property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Stockbridge ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud as the reason for the pruning – 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 being contacted daily by practices 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. Your buyers are not going to have any sway in the decision.
Have just purchased a probate house at auction in Stockbridge. Conveyancing is needed. What are my next steps?
Given that you have now to all intents and purposes signed on the dotted line you should hire the services of a conveyancing solicitor soon as you will have a fast approaching a fixed date to complete the conveyancing. Every auction property will have an associated auction set of papers. This will include most,if not all of the documents that your solicitor requires. In the case of leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in place to complete on the on the contractual date .
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Stockbridge solicitor on the Co-operative panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Stockbridge is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
I used Action Conveyancing several years ago for my conveyancing in Stockbridge. Now, I need the documents but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing 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 Stockbridge of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Stockbridge differ for new build properties?
Most buyers of new build or newly converted property in Stockbridge come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Stockbridge tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stockbridge or who has acted in the same development.
As co-executor for the estate of my father I am selling a property in Neath but I am based in Stockbridge. My lawyer (approximately 200 kilometers awayneeds me to execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Stockbridge who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are located in Stockbridge
What makes a Stockbridge lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Stockbridge. All leases are unique and drafting errors can result in certain clauses are wrong. 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Stockbridge - A selection of Questions you should ask Prior to buying
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Are any of leasehold owners in arrears of their service charge liability? The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent retained by the leaseholders. Who takes charge for maintaining and repairing the block?