I am selling my apartment in Upton and the estate agent has just called to advise that the buyers are changing their law firm. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in Upton ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to 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 being contacted daily by practices that have been removed from panels. Some are unaware that 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 unlikely to have any sway in the decision.
It is a dozen years since I acquired my home in Upton. Conveyancing lawyers have now been appointed on the sale but I can't find the deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may stored with the conveyancers who acted in the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Most conveyancing in Upton involves registered property but in the rare situation where your property is unregistered it is more problematic but is resolvable.
Should our solicitor be raising questions concerning flooding during the conveyancing in Upton.
Flooding is a growing risk for solicitors dealing with homes in Upton. Some people will purchase a property in Upton, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that may be initiated by the buyer or by their solicitors which should give them a better appreciation of the risks in Upton. The conventional set of property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to find out whether the property has historically flooded. If the premises has been flooded in past and is not notified by the vendor, then a purchaser may commence a claim for damages stemming from an incorrect response. A buyer’s solicitors may also carry out an enviro search. This should disclose whether there is any known flood risk. If so, more detailed investigations should be initiated.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Upton for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Upton conveyancing specialists.
Due to the encouragement of my in-laws I had a survey completed on a property in Upton before appointing solicitors. I have been told that there is a flying freehold element to the house. My surveyor advised that some banks may refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Upton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Upton to see if the conveyancing costs will increase in light of this.
Can you provide any advice for leasehold conveyancing in Upton with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Upton can be reduced where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. Some Upton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and slows down many a Upton home move. If a duplicate share is needed, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity. You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Upton state that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the paperwork in place you should not contact the landlord without checking with your lawyer in advance.
I have had difficulty in negotiating a lease extension in Upton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Lease Extension case for a Upton property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.