I am selling my maisonette in Caversham and the estate agent has just telephoned to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with specific solicitors rather the firm that they want to choose for their conveyancing in Caversham ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 buyers are not going to have any impact on this.
Our nephew is purchasing a newly built flat in Caversham with a mortgage from Principality. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We hope to to purchase with Darlington Building Society. I called into 3 or 4 high street companies yet am unable to find a Caversham conveyancing firm on the Darlington Building Society approved list. Please you assist?
You should make use of the find a lender approved solicitor tool on this web page. Please choose the mortgage company and type Caversham or your location and you will be presented with a number of lawyer based in Caversham or near you.
I own a renovated Edwardian property in Caversham. Conveyancing practitioner acted for me and HSBC Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Caversham and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing solicitor who conducted the purchase.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Caversham I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Caversham suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I own a leasehold flat in Caversham. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Caversham who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Caversham conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Caversham Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Best to be warned if changing the roof or some other major work is anticipated that will be shared amongst the leaseholders and will materially impact the level of the service costs or require a one time payment. What prohibitions are contained in the Caversham Lease? Is there a share of the freehold?