I am six weeks into the sale of my maisonette in Bidford On Avon and the estate agent has just telephoned to say that the purchasers are appointing a new property lawyer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to choose for their conveyancing in Bidford On Avon ?
UK lenders 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 worked with them for many years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any impact on this.
The Bidford On Avon conveyancing solicitors that I appointed last week on my house acquisition in Bidford On Avon have suddenly closed. I chose them because I needed a solicitor on the TSB conveyancing panel and my preferred Bidford On Avon lawyer was not. I paid them 275 plus VAT in advance. What are my options?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Have just purchased a repossessed house at auction in Bidford On Avon. Conveyancing is necessary. What are my next steps?
Now that you have exchanged you now have to hire the services of a conveyancing lawyer soon as you are faced with a fast approaching a fixed date to complete the purchase. All auction property will have a corresponding auction set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You must pass this on to the solicitor working for you at the earliest opportunity. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
We are getting the release of further funds on our mortgage from UBS as we intend to conduct alterations to our home in Bidford On Avon. Do we need to appoint a local Bidford On Avon solicitor on the UBS conveyancing panel to handle the legals?
UBS do not ordinarily appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
Kent Reliance have agreed my home loan in principle, my bid on a house in Bidford On Avon has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Contact Kent Reliance or the financial adviser and finish off any relevant paperwork. Kent Reliance will appoint a valuer who will get in touch with the selling agent or owners to schedule a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average ten days to receive the mortgage offer. Kent Reliance will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bidford On Avon.
Are there restrictive covenants that are commonly picked up during conveyancing in Bidford On Avon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bidford On Avon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase a new build apartment in Bidford On Avon. Conveyancing is necessary evil 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 are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bidford On Avon
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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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are architect prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision.
What makes a Bidford On Avon lease problematic?
Leasehold conveyancing in Bidford On Avon is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Bidford On Avon - Sample of Questions you should consider Prior to buying
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You should be aware if it is no more than eighty years it will impact the value of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you will need to own the premises for 24 months before you are entitled to extend the lease. On the whole the outlay for major works are not built into the maintenance charges, although a few managing agents in Bidford On Avon require leasehold owners to pay into a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. Is anyone aware of any major works in the planning that could add a premium to the maintenance costs?