I am progressing with the sale of my house in Wealdstone and the EA has just telephoned to warn that the buyers are changing their property lawyer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Wealdstone ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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. Your purchasers are unlikely to have any sway in the decision.
The vendors of the house we are hoping to buy hired a conveyancing solicitor in Wealdstone who has recommended a lock out agreement with a deposit 10k. Are such agreements sensible?
This type of preliminary agreement is unusual in Wealdstone, conveyancers are not keen on them as they detract from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. In addition, there is no certainty that just because the owner has executed a lock out contract they will complete the sale with you. They may be in contravention of the contract if they are offered a large enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still be obliged establish consequential losses from the breach and this may not equate the extra amount that your seller may obtain by breaking the agreement, however morally condemnable it undoubtedly is.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Wealdstone. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
Where you plan to refinance then Aldermore will insist on your using a conveyancer on the Aldermore 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 Aldermore 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 Aldermore mortgage is registered as a charge at the Land Registry.
The deeds to our home are lost. The lawyers who conducted the conveyancing in Wealdstone 10 years ago have long since closed. What are my next steps?
Assuming the title is registered the information relating to your proprietorship will be documented by HMLR with a Title Number. It is possible to perform a search at the Land Registry, find your house and order current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I decided to have a survey completed on a property in Wealdstone in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via 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 Wealdstone. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wealdstone to see if the conveyancing will be more expensive.
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