I am selling my home in Benfleet and the EA has just telephoned to advise that the purchasers are swapping conveyancer. The excuse is that the lender will only work 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 for their conveyancing in Benfleet ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
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. No lender will say 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 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 impact on this.
I am thinking of mortgaging my apartment in Benfleet, does my lawyer have to be on the Aldermore Solicitor panel?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Me and my brother own a terraced Edwardian property in Benfleet. Conveyancing lawyer represented me and Halifax. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Benfleet and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
How does conveyancing in Benfleet differ for new build properties?
Most buyers of new build premises in Benfleet contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Benfleet usually 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 used to new build conveyancing in Benfleet or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and identified one close by in Benfleet I like with a park and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Benfleet in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am using a search engine for the term on line conveyancing in Benfleet it shows results of numerous solicitorsin the area. How do I determine which is the suitable conveyancer for purchase transaction?
The preferential way of seeking the right conveyancer is through a personal referral, so ask colleagues and those you trust who have acquired a property in Benfleet or the reputable estate agent or mortgage broker. Costs for conveyancing in Benfleet differ, so it's sensible to secure at least four quotes from different law firms. Make sure that you clarify what costs in the quote includes.