I am in the process of selling my ground floor flat in Formby and the EA has just telephoned to say that the purchasers are changing their property lawyer. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Formby ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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 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 buyers are unlikely to have any sway in the decision.
My aunt passed away six months ago and as sole heir and executor I was left the property in Formby. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Co-operative will require that you use a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
I have been told that property searches are the main reason for delay in Formby house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Formby.
Are there restrictive covenants that are commonly identified as part of conveyancing in Formby?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Formby. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In surfing the internet for the term on line conveyancing in Formby it brings up many property lawyersin the vicinity. With so much choice what is the best way to find the suitable solicitor for the sale of my house?
The best method of seeking a suitable conveyancer is via trusted testimonial, so enquire of colleagues and relatives who have bought a property in Formby or the local estate agent or financial adviser. Charges for conveyancing in Formby vary, so it's sensible to secure at least three costs illustrations from different companies. Be sure to seek confirmation that the costs are guaranteed not to increase.
I have just appointed agents to market my basement apartment in Formby. Conveyancing is yet to be initiated, however I have recently received a quarterly maintenance charge invoice – Do I pay up?
It best that you clear the invoice as normal as all rents and maintenance payments should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Formby - A selection of Questions you should ask Prior to buying
-
Does the lease have more than 90 years left? What restrictions exist in the Formby Lease? Are any of leasehold owners in arrears of their service charge payments?