I am nearing exchange of contracts for my flat in Aylesford and the estate agent has just telephoned to say that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Aylesford ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Aylesford. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this possible?
Given you plan to refinance then Clydesdale will require that you use a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.
Will my solicitor be raising enquiries about flooding during the conveyancing in Aylesford.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Aylesford. Some people will purchase a house in Aylesford, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or by their conveyancers which will figure out the risks in Aylesford. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out whether the premises has suffered from flooding. If the residence has been flooded in past and is not disclosed by the seller, then a purchaser may issue a legal claim for losses resulting from an inaccurate answer. A buyer’s conveyancers should also order an enviro report. This will higlight whether there is a recorded flood risk. If so, further investigations should be conducted.
It has been four months following my purchase conveyancing in Aylesford took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build apartment in Aylesford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Aylesford
There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I've recently bought a leasehold flat in Aylesford. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Aylesford Conveyancing for Leasehold Flats - Examples of Queries before buying
Its a good idea to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the communal areas. Ask other tenants what they think of them. Finally, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Is the freehold reversion owned jointly by the leaseholders? Are any of leasehold owners in dispute over their service charge payments?