I am nearing exchange of contracts for my house in Bankside and the estate agent has just text me to advise that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Bankside ?
UK lenders have always had panels of law firms they are content to work with, but in the last few 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 more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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 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. Your purchasers are unlikely to have any sway in the decision.
I am purchasing a property mortgage free in Bankside. I have resided for the previous twelve years in Bankside. Conveyancing searches are a lot of money. Given that I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then almost all of the Bankside conveyancing searches are non-obligatory. Your conveyancer will try and sway you, no-doubt strongly, that you should have searches done, but she is duty bound to do this. One thing to bear in mind; if you are going to sell the house one day, it will likely be be of interest to your prospective buyer what the searches disclose. Sometimes premises with functional issues can still throw up unfavourable search results. A good conveyancing solicitor in Bankside should be able to give you some sensible advice here.
Are the Bankside conveyancing solicitors identified as being on the Co-operative conveyancing panel, together with their details provided by Co-operative?
Bankside conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
Will my lawyer be making enquiries about flooding as part of the conveyancing in Bankside.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Bankside. Some people will buy a property in Bankside, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that can be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Bankside. The standard property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine if the premises has ever been flooded. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser could commence a compensation claim stemming from an incorrect reply. The purchaser’s lawyers should also conduct an enviro search. This should higlight if there is any known flood risk. If so, further inquiries should be conducted.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Bankside is the location of the property. What do you suggest?
Flying freeholds in Bankside are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bankside you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bankside may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am attracted to a two maisonettes in Bankside both have approximately forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Bankside. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Bankside conveyancing firm to represent me?
Most certainly. We can put you in touch with a Bankside conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Bankside property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term as at the valuation date was 107 years.