I am selling my ground floor flat in Thornton Heath and the EA has just e-mailed to warn that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Thornton Heath ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Some 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.
My partner and I intend to remortgage our apartment in Thornton Heath with Kent Reliance. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the Kent Reliance conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Kent Reliance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
A relative pointed out to me me that in purchasing a property in Thornton Heath there may be a number of restrictions as to what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Thornton Heath which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Thornton Heath should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my house. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Aldermore are being difficult. The Thornton Heath solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are requiring a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a flat in Thornton Heath. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Thornton Heath conveyancer is on the Bank of Ireland conveyancing panel.
I require quick conveyancing in Thornton Heath as I have a deadline to complete in less than one month. Fortunately I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Thornton Heath the following are examples of what can be revealed and adversely impact future mortgageability: Enforcement Notices, Overdue Charges, Outstanding Grants, Unadopted Roads,...
Just had an offer accepted on a new build flat in Thornton Heath. Conveyancing is daunting 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.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Thornton Heath
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
How do I locate a Thornton Heath law firm on the Yorkshire Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 20miles to meet the lawyer.
You can use the search on this website. Please choose the mortgage company and your location and you will see a number of Thornton Heath conveyancing lawyers locally. We have listed some Thornton Heath conveyancing firms towards the end of this page and you can ring them to check whether they are on the Yorkshire Building Society approved list