I am one month into the sale of my ground floor flat in Brighouse and the estate agent has just e-mailed to say that the buyers are appointing a new conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Brighouse ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. 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 being contacted daily by practices 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. Your buyers are unlikely to have any impact on this.
I am need of leasehold conveyancing for a flat in a relatively new development (five years old) in Brighouse. The vast majority the properties are already occupied. Do I need carry out the conveyancing searches as part of conveyancing in Brighouse?
Conveyancing Searches are a vital link in the Brighouse conveyancing process. There are numerous companies conducting Brighouse conveyancing searches, as well direct from the local authority. These are known collectively as personal search providers due to them carrying out, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authoritative source.
I am the registered owner of a freehold residence in Brighouse but nevertheless pay rent, why is this and what is this?
It is rare for properties in Brighouse and has limited impact for conveyancing in Brighouse but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
We decided to purchase a newly converted apartment in Brighouse with a homeloan from Santander.We would like to retain our Brighouse conveyancing practitioner but Santander says she’s not listed on their approved list of firms. It seems we have little choice but to instruct a Santander panel solicitor or retain our local solicitor and fork out for a Santander panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you is subject to its terms and conditions, a common one being that conveyancers will be on the Santander solicitor panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Santander
I need to appoint a conveyancing solicitor for residential conveyancing in Brighouse. I have discover a web site which appears to be the ideal solution If it is possible to get all the legals completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Are there frequently found deficiencies that you witness in leases for Brighouse properties?
Leasehold conveyancing in Brighouse is not unique. Most leases are unique and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
Brighouse Leasehold Conveyancing - Examples 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 salability of the property. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will probably require a lease extension at some point and it is worth discovering what this would cost. For most Brighouselease extensions you will need to own the residence for a couple of years before you are entitled to extend the lease. Is anyone aware of any major works on the horizon that will increase the maintenance charges? The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders have control and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.