Me and my fiance are planning to purchase a 2 bedroom apartment in Bradley Stoke with a mortgage. We have a Bradley Stoke solicitor, however the lender advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or retain our Bradley Stoke conveyancing practitioner and pay for one of their panel lawyers to represent them. This feels very unfair; can we not demand that the mortgage company use our Bradley Stoke property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Bradley Stoke conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to move into my new home in Bradley Stoke next Thursday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Bradley Stoke.
I had intended to instruct a property lawyer in Bradley Stoke for our house move. Our broker has since advised us that our bank Chelsea Building Society won't deal with them. Surely this is unfair competition?
Mortgage Companies in the main imposes restrictions either the category or the number of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few banks have limited the amount of solicitor practices they permit to represent them. Be aware that Chelsea Building Society have no responsibility for the quality of advice provided by any member of Chelsea Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there remains differing opinions about the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Bradley Stoke only conduct very few conveyances a year.
I decided to have a survey completed on a house in Bradley Stoke prior to instructing conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bradley Stoke. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been recommended by three or four local selling agents in Bradley Stoke to select a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to market your site over and above a competitor’s?
We don’t offer any commission for sending work our way. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a reputable estate agency in Bradley Stoke where we have experienced a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Bradley Stoke conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Bradley Stoke Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
How is the lease structured? Does the lease include onerous restrictions? Be sure to enquire if there is anything that is prohibited in the lease. By way of example it is reasonably common in Bradley Stoke leases that pets are not allowed in in a block in Bradley Stoke. If you like the propertyin Bradley Stoke but your dog can’t make the move with you then you will be faced hard determination.