I am 3 weeks into the sale of my maisonette in Forestdale and the EA has just called to warn that the buyers are switching solicitor. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Forestdale ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any impact on this.
What happens if my lawyer’s firm is suspended from the Santander Solicitor panel ahead of completing my conveyancing in Forestdale?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial property in Forestdale?
Many commercial conveyancing solicitors in Forestdale will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Forestdale. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Forestdale.
For every commercial conveyancing transaction in Forestdale it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Forestdale commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Forestdale.
How does conveyancing in Forestdale differ for new build properties?
Most buyers of new build property in Forestdale come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Forestdale typically buy the real estate, 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 property lawyers 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 Forestdale or who has acted in the same development.
How does the Landlord & Tenant Act 1954 impact my commercial offices in Forestdale and how can you help?
The 1954 Act provides security of tenure to commercial tenants, granting the legal entitlement to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Forestdale is one of our many areas of the UK in which the firms we work with are based
One month into purchasing a residence in Forestdale. Conveyancing solicitor has phoned to say the title is "Leasehold". Will this likely impact the marketability of the property?
Forestdale conveyancing does not usually involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it shouldn't impact the saleability too much.
At the other extreme, if it's, say, Sixty years it will have a significant effect on the value, and probably wouldn't be acceptable to the lender. The length of lease and ground rent will be set out in the lease to be supplied to your solicitor.