I am nearing exchange of contracts for my maisonette in Skelmersdale and the EA has just e-mailed to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to select for their conveyancing in Skelmersdale ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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 buyers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Skelmersdale? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Skelmersdale. However these days you can not complete any conveyancing deal without first providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Remember if you are providing your driving licence as evidence of identification it must be both the paper part as well as the photo card part, one is not satisfactory in the absence of the other.
Verification of the source of money is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancing solicitor must have this information on record. Your Skelmersdale conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask further questions regarding the source of monies.
I need some quick conveyancing in Skelmersdale as I have pressure to exchange contracts inside 2 weeks. Luckily I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you are at free not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Skelmersdale the following are examples of issues that can crop up and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
I decided to have a survey done on a house in Skelmersdale before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Skelmersdale. Conveyancing will be smoother if you use a solicitor in Skelmersdale especially if they are accustomed to such properties in Skelmersdale.
What are the common problems that you come across in leases for Skelmersdale properties?
There is nothing unique about leasehold conveyancing in Skelmersdale. All leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Skelmersdale Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Does this lease have more than 80 years remaining? Is the freehold owned collectively by the tenants? The majority of Skelmersdale leasehold flats will incur a service bill for the upkeep of the building invoiced on behalf of the landlord. Should you acquire the flat you will have to pay this charge, normally periodically throughout the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge to be met yearly, this is usually not a large sum, say approximately £50-£100 but you should to enquire it because sometimes it could be many hundreds of pounds.
I require the services of a bank panel solicitor in Skelmersdale. Could you help me?
Unfortunately it’s not apparent why you need a Skelmersdale panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Skelmersdale are on their panel . If you do find such a firm in Skelmersdale not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site