I am selling my maisonette in Headley and the EA has just called to warn that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Headley ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Headley? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be checked. If you are unwilling to hand over identification documents, your lawyer can not take you on as a client.
Will commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Headley?
Many commercial conveyancing solicitors in Headley will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Headley. 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 Headley.
For each commercial conveyancing transaction in Headley it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Headley commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Headley.
five months have elapsed following my purchase conveyancing in Headley concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 residence 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Headley I like with a park and transport links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Headley in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Is it true that a Headley conveyancing practice has court proceedings brought against them by clients for not carrying out the right conveyancing investigations?
Our attention has not be brought to such a Headley conveyancing matter but it has been reported that, a couple acquiring a property in Cumbria successfully won a case against their property lawyer as a consequence of development plans to construct a wind farm failing to be picked up in conveyancing searches.
If you are thinking of buying a home in Headley It is critical that your solicitor carry out all Headley conveyancing searches needed making sure that you have relevant and current information ahead of acquiring a home in Headley.