I can't travel far from Freshwater Bay. Can you please spell out why all Freshwater Bay solicitors are not on all bank panels?
Pre- 2008 most banks had an attitude to risk which differs from the current day. The FSA in 2010 conducted a thematic review into fraud which concluded: know the solicitors on your panel. Consequently, mortgage companies have since requiredmore data from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum amount of transactions the mortgage companies set.
I purchased my house on 8 January and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Freshwater Bay advises it should be recorded in a couple of weeks. Are titles in Freshwater Bay particularly slow to register?
There is nothing unique when it comes to conveyancing in Freshwater Bay registration formalities. Rather than based on location, timescales can adjust depending on who lodges the application, whether there are errors and whether the Land registry need to notify any interested parties. At present in the region of three quarters of submission are completed within 12 days but occasionally there can be protracted hold-ups. Registration occurs once the purchaser is living at the property thus registration formalities is not usually top priority but if it is urgent that the the registration takes place urgently then you or your solicitor could contact the land registry and explain the circumstances.
How does conveyancing in Freshwater Bay differ for new build properties?
Most buyers of new build premises in Freshwater Bay contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Freshwater Bay 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 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 used to new build conveyancing in Freshwater Bay or who has acted in the same development.
My brother has recommend that I use his conveyancing solicitors in Freshwater Bay. Should I choose my own property lawyer?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to get referrals from friends or relatives who have used the firm you're considering.
Can you provide any advice for leasehold conveyancing in Freshwater Bay from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Freshwater Bay can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers’ lawyers. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing. Some Freshwater Bay leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Freshwater Bay leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the approvals in place do not contact the landlord without contacting your solicitor in the first instance.
Leasehold Conveyancing in Freshwater Bay - Sample of Queries before Purchasing
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In the main the cost for major works tend not to be included within service charges, albeit that there some managing agents in Freshwater Bay ask tenants to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. What is the the remaining lease term? Who are the managing agents?
My solicitors in Freshwater Bay have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.