I am nearing exchange of contracts for my home in Waolstenholme and the estate agent has just e-mailed to warn that the purchasers are switching solicitor. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Waolstenholme ?
Banks have always had panels 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 worked with them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.
Having sold my house in Waolstenholme last December yet the purchaser is telephoning every few hours complaining that their conveyancer is waiting to hear from myconveyancer. What are the post completion sale legalities following completion?
Post completion of your disposal your solicitor should send the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the legal charge in favour of the lender has been paid off to the purchasers solicitors. There are no post completion tasks peculiar conveyancing in Waolstenholme.
Various internet forums that I have come across warn that are the main cause of hinderance in Waolstenholme house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Waolstenholme.
The estate agent has sent us the confirmation of our purchase of a new build flat in Waolstenholme. Conveyancing is a frightening process 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.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Waolstenholme
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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. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan.
I opted to have a survey done on a property in Waolstenholme prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to give a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Waolstenholme. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Waolstenholme to see if the conveyancing will be more expensive.
I own a leasehold flat in Waolstenholme. Conveyancing was completed in 21012. I have read on a number of consumer forums that I should not let the the remaining lease term to get too low. What is the reasoning?
Waolstenholme domestic long term leases are for a set term - normally just under one hundred years when they are first granted. However many appartments in Waolstenholme were constructed or converted in the 60’s and so such leases now have under eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are approaching eighty years. To increase your property value you should be considering whether or not to extend your lease well in advance of selling the property. There are also significant benefits to taking action before the lease hits eighty years as when the lease is less than eighty years the premium you have to pay to extend starts to increase.