Am I correct in assuming that the fact that my solicitor in Chesham is not listed on my lender's conveyancing panel that there is a problem with the quality of her conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Chesham conveyancing practice and enquire why they are no longer on the approved list for your lender.
My husband and I intend to remortgage our flat in Chesham with Clydesdale. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Clydesdale conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Clydesdale. This is solely used to protect Clydesdale if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Clydesdale had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is there a reason why leasehold purchase conveyancing in Chesham costs more?
In summary, leasehold conveyancing in Chesham and Buckinghamshire usually involve additional due diligence compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord about serving required notices, securing current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I had intended to instruct a conveyancing solicitor in Chesham for our home move. Our financial adviser informed us that our bank Aldermore won't deal with them. Surely this is unfair competition?
Banks on the whole restrict either the type or the amount of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have limited the number of firms they permit to represent them. Be aware that Aldermore have no responsibility for the quality of advice provided by any member of Aldermore Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there remains differing opinions about the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Chesham only carry out one or two conveyances a year.
Should I go with a Chesham conveyancing lawyer in close proximity to the house I am purchasing? We have a good friend who can conduct the legal work however they are based 300miles drive away.
The primary upside of using a high street Chesham conveyancing firm is that you can pop in to sign paperwork, deliver your identification documents and pester them if necessary. Having local Chesham know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were content that should surpass using an unfamiliar Chesham conveyancing lawyer just because they are round the corner.
Can you provide any top tips for leasehold conveyancing in Chesham with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chesham can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy formality and slows down many a Chesham home move. If a reissued share is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
Chesham Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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It is important to be aware whether fixing the lift or some other major work is due shortly that will be shared amongst the leaseholders and will dramatically impact the level of the maintenance fees or require a specific invoice. How many of the leaseholders are in arrears for their maintenance charge payments? What prohibitions are contained in the Chesham Lease?