I am in the process of selling my maisonette in Watford and the estate agent has just called to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Watford ?
UK lenders 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 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 hearing daily from firms 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 sway in the decision.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Watford. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this possible?
Where you plan to refinance then Kent Reliance will require that you use a conveyancer on the Kent Reliance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Kent Reliance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Kent Reliance mortgage is registered as a charge at the Land Registry.
My bid for a property was accepted at auction in Watford. Conveyancing is needed. What is next?
Now that you have exchanged you now have to retain a conveyancing practitioner quickly as you are faced with a tight a drop dead date to complete the transaction. Every auction property will have a bespoke legal pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You should give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in place to complete on the on the contractual date .
We are aiming to move property in September. Does my conveyancing solicitor liaise with the removal company on the completion day. As an aside, can you put forward a removal company in Watford. Conveyancing firm was found prior to coming across this site.
On the day of completion you can pick up the keys from the selling agent but this should only take place once the previous owners lawyers confirm to the agent that they have the completion monies and the keys can be collected. After that you will need to advise the removal men that they can start moving you in. As a matter of policy we do not suggest a particular removal organisation but can assist you in finding a residential property solicitor in Watford or a lawyer that specialises in conveyancing in Watford.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Watford solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Watford surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Watford differ for new build properties?
Most buyers of new build property in Watford approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Watford usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Watford or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Watford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Watford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Watford you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Watford 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 residence.
My business partner and I are planning to lease a unit on the high street. Can you recommend solicitors offering no-move-no charges for commercial conveyancing in Watford for below £2000?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Watford, including the sale and purchase of businesses as well as simply property. If you are looking to purchase or dispose of a shop, pub, restaurant, office, retail premises or a whole business we will find you the right firm. Regarding the fees these will vary based on the structure and terms of the deal. Let us have your details or telephone so as to enable us to furnish you with a fixed commercial conveyancing quote.