I am one month into the sale of my apartment in Swadlincote and the estate agent has just telephoned to advise that the buyers are switching law firm. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Swadlincote ?
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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. 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 not going to have any impact on this.
Are all Swadlincote Conveyancing Quality Solicitors on the UBS conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
My partner and I have organised a further advance on our home loan from Co-operative as we wish to carry out improvements to our property in Swadlincote. Do we need to select a nearby Swadlincote solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative do not ordinarily instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
I am purchasing a property in Swadlincote. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must check the formal requirements set out in Part two of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease does not satisfy these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Swadlincote.
Should my solicitor be raising enquiries about flooding during the conveyancing in Swadlincote.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Swadlincote. Plenty of people will purchase a house in Swadlincote, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Swadlincote. The conventional set of information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out whether the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer may commence a claim for damages as a result of such an incorrect answer. A buyer’s lawyers should also conduct an environmental report. This will disclose whether there is any known flood risk. If so, additional investigations will need to be carried out.
How does conveyancing in Swadlincote differ for new build properties?
Most buyers of new build residence in Swadlincote come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Swadlincote typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Swadlincote or who has acted in the same development.
I have been recommended by numerous property agents in Swadlincote to select a solicitor on your site. Is there a financial inducement for Estate Agents to offer your site over another?
We refuse to give any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am looking at a two maisonettes in Swadlincote both have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Swadlincote is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Swadlincote conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Swadlincote - Examples of Queries before buying
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How many of the leaseholders are in arrears for their service charge payments? You will want to find out as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. Enquire of other people whether they are happy with them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes. What prohibitions exist in the Swadlincote Lease?