I am in the process of selling my flat in Loxford and the estate agent has just called to warn that the purchasers are switching solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Loxford ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 not going to have any impact on this.
We are approaching an exchange on a house in Loxford and my mum and dad have sent the ten percent deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The property lawyer is duty bound to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I used Wolstenholmes several years past for my conveyancing in Loxford. I now require my file but the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Loxford of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Loxford differ for new build properties?
Most buyers of new build residence in Loxford contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Loxford usually buy the land, 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 accustomed to new build conveyancing in Loxford or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Loxford ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Loxford. Conveyancing may be slightly more expensive based on your lender's requirements.
What advice can you give us when it comes to finding a Loxford conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Loxford conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Loxford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Loxford who can give a testimonial? How experienced is the practice with lease extension legislation?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Loxford conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a Loxford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Loxford property is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case affected 5 flats. The number of years remaining on the existing lease(s) was 73.8 years.