I am nearing exchange of contracts for my ground floor flat in Wheathampstead and the EA has just telephoned to say that the purchasers are appointing a new law firm. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Wheathampstead ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 hearing daily from firms 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 unlikely to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wheathampstead? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over identification documents, your conveyancer would not be able to act for you.
A colleague recommended that where I am buying in Wheathampstead I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Wheathampstead conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Wheathampstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Wheathampstead Education with plans and statistics, Local Amenities and other useful information concerning Wheathampstead.
Have completed on a a semi-detached house in Wheathampstead , how long will it take for the Land Registry to register my ownership? My Wheathampstead conveyancing solicitor has been very slow, so I want to be sure that my name is registered.
There is nothing unique when it comes to conveyancing in Wheathampstead registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. At present in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place after the new owner has moved in to the property so registration formalities is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
Due to the encouragement of my in-laws I had a survey completed on a property in Wheathampstead in advance of retaining conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders will refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wheathampstead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wheathampstead to see if the conveyancing costs will increase in light of this.
I have just started marketing my 2 bed apartment in Wheathampstead. Conveyancing is yet to be initiated, however I have just received a quarterly maintenance charge demand – what should I do?
The sensible thing to do is discharge the invoice as usual given that all rents and maintenance invoices should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Wheathampstead Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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You should be aware that where the lease has less than eighty years it will affect the marketability of the property. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this will be. Remember, in most cases you would be be obliged to have owned the property for 24 months before you are eligible to exercise a lease extension. How many of the leaseholders are in arrears for their maintenance charge payments?