I am in the process of selling my home in Godshill and the estate agent has just telephoned to warn that the buyers are changing their law firm. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Godshill ?
Lenders have always had panels of law firms they are willing 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 represented them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 being contacted daily by practices that have been removed from panels. Some 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. The purchasers are not going to have any impact on this.
We are nearing an exchange on a flat in Godshill and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The conveyancer is duty bound to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Can your site be used to locate a Conveyancing solicitor in Godshill even where I’m not purchasing or disposing of a house, for instance where I intend to acquire a shop in Godshill with a loan from Barclays ?
Our comparison service is primarily utilised to locate residential conveyancing solicitors in Godshill but we have recorded at the bottom of this page a selection of Godshill commercial conveyancing firms. You will need to speak with the company directly to establish if they are also authorised to represent Barclays
My apartment in Godshill is up for sale and I have a buyer. Does the conveyancing practitioner have to be required to be on the Aldermore conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
I am buying a new build apartment in Godshill. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Godshill
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I have been on the look out for a flat up to £235,500 and found one close by in Godshill I like with open areas and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Godshill suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.