I am selling my apartment in Wareham and the EA has just called to warn that the purchasers are appointing a new solicitor. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Wareham ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent 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 many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 purchasers are not going to have any impact on this.
When does exchange of contracts take place for domestic conveyancing in Wareham and do I need to attend the lawyers office?
Where you are in close proximity to our conveyancing solicitors in Wareham you are welcome to come in to sign documents. That being said, the firms we work with provide countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you electronically. The signing of the purchase agreement is not the point of no return. A signed contract is necessary for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Wareham)to be in the office at the appropriate time.
I am planning to acquire a house and require a conveyancing solicitor in Wareham who is on the Alliance & Leicester conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Alliance & Leicester in certain locations such as Wareham. We dont recommend any particular firm.
I'm buying a new build house in Wareham with a mortgage from Coventry Building Society. The developers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative advised me not inform my lawyer about this deal as it would jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Wareham is the location of the property. Can you offer any opinion?
Flying freeholds in Wareham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wareham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wareham may decide 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.
Last June I purchased a leasehold property in Wareham. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Wareham Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Please note if it is fewer than eighty years it will have adverse implications on the value of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have been the owner of the property for 24 months in order to be eligible to exercise a lease extension. Are there any major works on the horizon that will increase the service charges? The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the tenants have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is larger than a house conversion, the managing agent retained by the leaseholders.