I am nearing exchange of contracts for my apartment in Whalley and the EA has just called to say that the purchasers are swapping solicitor. The reason given is that the mortgage company will only engage with solicitors on their approved list. On what basis would a leading lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Whalley ?
Banks have always had panels of law firms they are content to work with, 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 acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise 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 have a decision in principle. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would much rather use a high street conveyancing solicitor in Whalley?
Do check but the the probability is that give you one of their panel conveyancers where you want the "fee-free" deal. Speak to the lender and explore if they make available a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Whalley.
Should our lawyer be asking questions concerning flooding as part of the conveyancing in Whalley.
The risk of flooding is if increasing concern for solicitors dealing with homes in Whalley. Some people will purchase a house in Whalley, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their solicitors which should figure out the risks in Whalley. The standard information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to discover whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the seller, then a purchaser may issue a compensation claim stemming from an inaccurate answer. The purchaser’s conveyancers may also conduct an environmental search. This will higlight if there is a recorded flood risk. If so, further investigations will need to be carried out.
I own a semi-detached Edwardian house in Whalley. Conveyancing practitioner acted for me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Whalley and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing lawyer who completed the work.
I need to find a conveyancing solicitor for my conveyancing in Whalley. I happened to land on a site which appears to be the perfect solution If there is a chance to get all formalities completed via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a reputable estate agency in Whalley where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Whalley conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Whalley Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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Make sure you find out if there are any onerous restrictions in the lease. For example some leases prohibit pets being allowed in in a block in Whalley. If you love the apartmentin Whalley yet your cat is not allowed to make the move with you then you will be presented with a difficult compromise. The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this situation the lessees have control and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent is directed by the tenants. Generally speaking the outlay for major works tend not to be wrapped into the maintenance charges, albeit that some managing agents in Whalley ask tenants to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.