I am selling my home in Belmont and the estate agent has just e-mailed to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Belmont ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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 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. Your buyers are not going to have any sway in the decision.
My wife and I are acquiring a brand new flat in Belmont and my lawyer is informing me that she has to the lender to reveal incentives from the developer. I am under pressure to exchange and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Why is leasehold purchase conveyancing in Belmont costs more?
Belmont leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
How does conveyancing in Belmont differ for new build properties?
Most buyers of new build premises in Belmont approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Belmont typically buy the real estate, 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 conveyancers 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 Belmont or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and found one round the corner in Belmont I like with open areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Belmont in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
A conveyancing company handled my conveyancing in Belmont 8 years ago and was holding my title documents but has now closed – What steps do I now take to retreive them?
Title deeds, as such, no longer exist as most properties in Belmont are recorded digitally at Land Registry. Where you need to establish ownership or are disposing of or refinancing your solicitor will need to obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.