I am progressing with the sale of my house in The Hale and the EA has just called to advise that the purchasers are switching conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in The Hale ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened 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 purchasers are unlikely to have any impact on this.
Our conveyancer has identified a a legal deficiency with the lease for the apartment we are buying in The Hale. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is happy with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
Completed the sale of my flat in The Hale last July yet the purchaser is calling every few hours complaining that her conveyancer needs to hear from mine. What are the post completion sale legalities following completion?
After completion of your sale your solicitor should send the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Where appropriate, your solicitor should also confirm that the legal charge in favour of the lender has been paid off to the purchasers lawyers. There are no post completion requirements just for conveyancing in The Hale.
Have purchased a a detached house in The Hale , What is the estimated time for the Land Registry to register the transfer to my name? My The Hale conveyancing solicitor has been very slow, so I want to be certain that my purchase is registered.
There is nothing unique about conveyancing in The Hale registration formalities. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry must send notices to any third persons or bodies. At present roughly 80% of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place after the buyer has moved in to the property thus post completion formalities is not typically top priority yet if there is a degree of urgency associated with the registration then you or your lawyers should contact the land registry and explain the circumstances.
I am looking for a flat up to £245,000 and found one round the corner in The Hale I like with open areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in The Hale suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Is it true that a The Hale conveyancing practice taken to court by a client for failing to conduct the right conveyancing investigations?
We are not aware of such a The Hale conveyancing matter but according to a recent report, a couple buying a property in Cumbria successfully sued their lawyer due to development permission to build a wind farm not being picked up in conveyancing searches.
If you are purchasing in The Hale It is critical that your conveyancer conduct all The Hale conveyancing searches needed to ensure you have relevant and up to date information before acquiring a property.