I am selling my ground floor flat in Turvey and the estate agent has just e-mailed to advise that the buyers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Turvey ?
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 Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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. 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. Your buyers are not going to have any sway in the decision.
My conveyancer has discovered a a problem with the lease for the flat we are buying in Turvey. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the lender?
Regardless of the fact 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 specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Turvey. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Turvey
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Turvey is the location of the property. What do you suggest?
Flying freeholds in Turvey are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Turvey you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Turvey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
As co-executor for the will of my grandmother I am disposing of a house in Newport but reside in Turvey. My lawyer (based 300 miles awayrequires that I sign a stat dec ahead of completion. Could you suggest a conveyancing lawyer in Turvey to witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Turvey based
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Turvey. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Turvey are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Turvey so you should seriously consider shopping around for a Turvey conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.