I am in the process of selling my apartment in Edenbridge and the estate agent has just e-mailed to say that the buyers are swapping law firm. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Edenbridge ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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. Your purchasers are not going to have any impact on this.
Have purchased a a detached house in Edenbridge , What is the estimated time for the Land Registry to record my ownership? My Edenbridge conveyancing solicitor works at snail pace, so I want to be certain the land registry aspects are dealt with.
As far as conveyancing in Edenbridge is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can adjust depending on who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd parties. At present in the region of three quarters of submission are fully dealt with within two weeks but occasionally there can be longer delays. Registration occurs once the purchaser has moved in to the property so an expedited registration is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
Hoping to buy a property located in Edenbridge and I am already nervous. I couldn't find anything specific about Edenbridge. Conveyancing will be needed in due course but do you know about the Edenbridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Edenbridge. In the meantime here are some basic statistics that we found
We're FTB’s - agreed a price, yet the agent told us that the vendor will only issue a contract if we appoint their preferred solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor used to conveyancing in Edenbridge
It is unlikely the sellers are behind this. If they desire ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances in place © you are chain free (d) you intend to proceed fast (e)but you are going to appoint your preferred Edenbridge conveyancing firm - not the ones that will provide the estate agent a kickback or meet his conveyancing thresholds set by head office.
When it comes to leasehold conveyancing in Edenbridge what are the most common lease defects?
Leasehold conveyancing in Edenbridge is not unique. All leases are drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
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 , Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
Edenbridge Leasehold Conveyancing - A selection of Queries before Purchasing
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What is the service charge and ground rent on the flat? The best form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy control and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Are any of leasehold owners in dispute over their service charge liability?
Why do Edenbridge conveyancing costs differ for leasehold and freehold properties?
There is always increased work involved for leasehold conveyancing. Edenbridge has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.