I am in the process of selling my apartment in Beddington South and the estate agent has just text me to warn that the purchasers are changing their solicitor. The reason given is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Beddington South ?
Mortgage companies have always had an approved set of law firms they are willing 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 acted for them for more than 25 years.
Banks justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 unlikely to have any sway in the decision.
Why do I have to pay up front for my conveyancing in Beddington South?
If you are buying a property in Beddington South your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the Local Authority Search. If any deposit is payable against the purchase price then this should be required shortly before contracts are exchanged. Any further balance that is due should be sent to your lawyer shortly before completion.
My fiancee and I are in the throws of viewing apartments in Beddington South and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Lloyds.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are getting a mortgage with Lloyds, ask your prospective lawyers if they are on the Lloyds conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Beddington South conveyancing practitioner on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I recently had an offer agreed on an apartment in Beddington South. My financial adviser recommended their conveyancers. I paid an advanced payment of £150. A couple of days later, the conveyancing practitioner contacted me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I need some quick conveyancing in Beddington South as I am faced with an ultimatum to complete within one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you are at liberty not to have searches carried out although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Beddington South the following are instances of what can show up and adversely affect future saleability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
The estate agent has sent us the confirmation of our purchase of a new build apartment in Beddington South. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Beddington South
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Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a flat up to £245,000 and identified one near me in Beddington South I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Beddington South in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.