I am progressing with the sale of my home in Stone Cross and the EA has just e-mailed to warn that the buyers are switching law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Stone Cross ?
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 Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 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. The buyers are not going to have any impact on this.
It is 10 years ago since I acquired my home in Stone Cross. Conveyancing lawyers have recently been retained on the sale but I am unable to find the title documents. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by the lender or they could be in the possession of the solicitor who handled the purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Stone Cross involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
I had intended to instruct a property lawyer in Stone Cross for our house purchase. Our financial adviser has since notified us that our mortgage company Norwich and Peterborough Building Society won't deal with them. Surely this is unduly restrictive?
A mortgage company will insist on a panel conveyancer act for it. Borrowers are liable to meet the charges for this. Please make use of our search facility to select a solicitor to conduct conveyancing in Stone Cross on the Norwich and Peterborough Building Society approved list of solicitors.
My wife and I have a 4 bedroom Georgian house in Stone Cross. Conveyancing practitioner acted for me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same address. Is it worth asking Platform Home Loans Ltd to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stone Cross and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who completed the work.
Due to the advice of my in-laws I had a survey completed on a property in Stone Cross before retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stone Cross. Conveyancing will be smoother if you use a solicitor in Stone Cross especially if they are acquainted with such properties in Stone Cross.
How does the Landlord & Tenant Act 1954 impact my commercial property in Stone Cross and how can your lawyers assist?
The 1954 Act provides a safeguard to business tenants, granting the a statutory right to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Stone Cross