I am in the process of selling my house in Stone Cross and the estate agent has just text me to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Stone Cross ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened 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 says 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 purchasers are unlikely to have any sway in the decision.
I used Arc property Solicitors a few years ago for my conveyancing in Stone Cross. Now, I need my documents but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate 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 Stone Cross 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.
About to purchase a new build apartment in Stone Cross. 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 selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stone Cross
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking for a ground for flat up to £235,500 and identified one close by in Stone Cross I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Stone Cross in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Is it best to appoint a Stone Cross conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can perform the legal formalities however her office is a couple of hundredkilometers away.
The benefit of a local Stone Cross conveyancing practice is that you can pop in to sign documents, hand in your identification documents and pester them if necessary. They will also have local insight which is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that should outweigh using an unfamiliar Stone Cross conveyancing lawyer solely due to them being based in the area.
How up-to-date is your database of lawyers on the bank conveyancing panel in Stone Cross? Do the banks send you an updated list?
Stone Cross law firm practices and firms carrying out conveyancing in Stone Cross themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the mortgage company directly.