I am one month into the sale of my home in Dunnington and the EA has just e-mailed to advise that the purchasers are appointing a new property lawyer. The excuse is that the lender will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Dunnington ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 purchasers are not going to have any sway in the decision.
Having sold my house in Dunnington last January yet the purchaser is texting every few hours to say their solicitor is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your sale your conveyancer is obliged to deliver the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the home loan has been paid off to the purchasers lawyers. There is unlikely to be post completion steps peculiar conveyancing in Dunnington.
Are all Dunnington Conveyancing Quality Solicitors on the HSBC conveyancing panel?
It is true that some lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
My partner and I have arranged the release of further monies on our home loan from TSB as we want to conduct alterations to our house in Dunnington. Are we obliged to choose a high street Dunnington solicitor on the TSB conveyancing panel to handle the legals?
TSB don't usually instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
I currently have a mortgage with Nottingham for my property in Dunnington. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Nottingham must be informed of your intention in advance of renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
Me and my brother own a renovated Georgian property in Dunnington. Conveyancing practitioner acted for me and Skipton Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Dunnington and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing solicitor who conducted the work.
How does conveyancing in Dunnington differ for newly converted properties?
Most buyers of new build property in Dunnington contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Dunnington typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Dunnington or who has acted in the same development.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Dunnington. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Dunnington ?
Most houses in Dunnington are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Dunnington in which case you should be shopping around for a Dunnington conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
Dunnington Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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Are there any major works in the near future that will likely increase the service fees? This information is important as a) areas can cause problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the tenants have an issue with the running of the building you will want to have all the details What is the maintenance charge and ground rent on the apartment?