I am 4 weeks into the sale of my ground floor flat in Fulwood and the EA has just e-mailed to say that the buyers are switching solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Fulwood ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 claims that it is being contacted daily by practices 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 unlikely to have any impact on this.
There are a variety of conveyancing solicitors in Fulwood but how do I know who's good?
We would encourage you not to go for the lowest Fulwood conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am currently in the process of buying my council flat in Fulwood. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
TSB have agreed my mortgage in principle, my bid on a property in Fulwood has been accepted, now what?
The estate agent will wish to be advised as to your conveyancing practitioner's details (ensure that the property lawyers are on the lender’s panel). Contact TSB or your financial adviser and finalise any relevant documentation. TSB will appoint a valuer who will get in touch with the selling agent or vendor to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. TSB will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Fulwood.
It has been 3 months since my purchase conveyancing in Fulwood completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Fulwood benefiting from help to buy. The builders would not budge the amount so I negotiated £7000 of additionals instead. The sale representative told me not reveal to my lawyer about the side-deal as it will jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Fulwood is the location of the property. Is there any guidance you can give?
Flying freeholds in Fulwood are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fulwood you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fulwood may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My partner and I may need to let out our Fulwood ground floor flat for a while due to a career opportunity. We instructed a Fulwood conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Fulwood conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek permission from your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of prior permission. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Fulwood Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
-
Its a good idea to discover as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the common parts. Enquire of prospective neighbours what they think of them. In conclusion, investigate as to the dates that the maintenance fees are due to the appropriate party and specifically what it includes. Be sure to discover if there is anything that is prohibited in the lease. For instance it is very common in Fulwood leases that pets are not permitted in certain buildings in Fulwood. If you love the apartmentin Fulwood yet your dog is not allowed to live with you then you will be presented with a difficult determination. How much is the ground rent and service charge?