I am progressing with the sale of my apartment in Woodhouse and Handsworth and the EA has just called to say that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a big named lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Woodhouse and Handsworth ?
Mortgage companies 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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. 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. The purchasers are unlikely to have any sway in the decision.
Our lawyer has identified a a problem with the lease for the flat we are buying in Woodhouse and Handsworth. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
What does my ID and proof of funds have anything to do with my conveyancing in Woodhouse and Handsworth? What am I being asked for?
Woodhouse and Handsworth conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of source of monies is also required under the money laundering laws as conveyancers are required to ensure that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase monies if you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the product of illegitimate activity.
My wife and I own a 4 bedroom Edwardian house in Woodhouse and Handsworth. Conveyancing solicitor represented me and Halifax. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same property. I'd like to know for sure, how can I find out??
You need to 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 Woodhouse and Handsworth and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing solicitor who conducted the work.
I have been on the look out for a flat up to £235,500 and identified one close by in Woodhouse and Handsworth I like with open areas and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Woodhouse and Handsworth in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
In what way does the Landlord & Tenant Act 1954 impact my commercial offices in Woodhouse and Handsworth and how can you help?
The 1954 Act gives a safeguard to commercial lessees, giving them the a statutory right to make a request to court for a new tenancy and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Woodhouse and Handsworth is one of the hundreds of areas of the UK in which our lawyers are located