I am in the process of selling my home in West Byfleet and the EA has just telephoned to warn that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in West Byfleet ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed 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 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 sway in the decision.
I am considering applying for a Skipton mortgage for purchase of a new build (under development) in West Byfleet with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I happen to be the only recipient of my late father’s will with all property in now in my sole name, including the house in West Byfleet. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be considered the same way as though I had purchased the property in September. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Most lenders would take a pragmatic view as this provision principally exists to identify subsales or the flipping of property.
We have agreed to purchase a house in West Byfleet. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Skipton your lawyer must follow the formal instructions set out in Section 2 of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Skipton where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties countrywide and is not restricted to West Byfleet.
My wife and I are spending time looking at apartments in West Byfleet and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Virgin Money.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are obtaining a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
Just had an offer accepted on a new build apartment in West Byfleet. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in West Byfleet
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey carried out on a property in West Byfleet in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks will not give a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in West Byfleet. Conveyancing may be slightly more expensive based on your lender's requirements.
Do online conveyancing organisations do everything a high street West Byfleet solicitor does or do I still need to employ a solicitor for the final stages for my conveyancing in West Byfleet?
If you use an online conveyancer they should undertake all the tasks your West Byfleet solicitor will cover.