I am nearing exchange of contracts for my flat in Stoke Park and the EA has just called to advise that the buyers are appointing a new law firm. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Stoke Park ?
Banks have always had panels of law firms they are content to work with, but in the past few 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 more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been stiffened 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 says 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. Your purchasers are unlikely to have any sway in the decision.
I have been told that property searches are the main reason for obstruction in Stoke Park house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Stoke Park.
How does conveyancing in Stoke Park differ for newly converted properties?
Most buyers of new build or newly converted property in Stoke Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Stoke Park usually 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 accustomed to new build conveyancing in Stoke Park or who has acted in the same development.
I opted to have a survey done on a property in Stoke Park prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks will refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Santander has different instructions from Halifax. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stoke Park. Conveyancing will be smoother if you use a solicitor in Stoke Park especially if they are acquainted with such properties in Stoke Park.
What is different about your site and alternative web based conveyancing solicitors when it comes to conveyancing in Stoke Park?
At this site obtain an accurate quote from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Stoke Park. Unlike many estate agents and many comparison sites we are not in the business of charging firms a commission if you choose them for your conveyancing in Stoke Park
Do you have any top tips for leasehold conveyancing in Stoke Park from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stoke Park can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ representatives. The majority of landlords or Management Companies in Stoke Park levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stoke Park. You believe that you know the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
Stoke Park Leasehold Conveyancing - A selection of Queries Prior to buying
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Many Stoke Park leasehold flats will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. Where you acquire the property you will have to meet this contribution, normally quarterly during the year. This may vary from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge for you to pay annual, ordinarily this is not a significant sum, say about £50-£100 but you should to enquire it because occasionally it can be many hundreds of pounds. Is anyone aware of any major works in the near future that will add a premium to the maintenance fees? What prohibitions are there in the Stoke Park Lease?