I am nearing exchange of contracts for my house in Downham and the estate agent has just text me to advise that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Downham ?
Lenders have always had panels 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 acted for them for decades.
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 monitor. Banks tend not to disclose 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. 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. The purchasers are unlikely to have any impact on this.
we are a couple who are buying a newly converted apartment in Downham with a residential mortgage from HSBC Bank.We use our Downham conveyancing lawyer but HSBC Bank advised that his firm is not on their approved list of member firms. we are left little option but to use a HSBC Bank panel lawyer or keep our preferred solicitor and pay for a HSBC Bank panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that solicitors must be on the HSBC Bank approved list. Until recently, most banks had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for HSBC Bank
I need some quick conveyancing in Downham as I am under pressure to complete in less than 2 weeks. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a home loan you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Downham the following are examples of issues that can appear and adversely impact future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
I am buying a new build apartment in Downham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Downham
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Downham I like with a park and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Downham in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage that many years may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I happen to be an executor of my recently deceased parent's Will, with a property in Downham which will be sold. The house has never been registered at HMLR and I'm advised that many purchasers will insist that it is done before they will proceed. What's the mechanism for this?
In the situation that you have set out it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.