I am progressing with the sale of my apartment in Lymington and the estate agent has just e-mailed to warn that the buyers are switching law firm. The excuse is that the bank will only work with solicitors on their approved list. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Lymington ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are not going to have any impact on this.
The sellers of the home we are hoping to buy have instructed a conveyancing practitioner in Lymington who has recommended a preliminary contract with a non-refundable deposit 10k. Are such agreements appropriate for Lymington conveyancing transactions?
Exclusivity agreements are agreements binding a home seller and purchaser giving the buyer the sole right to purchase the property within an agreed time frame. For all intents and purposes, a lock out agreement is a contract stating that you will have a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer protection though in many situations, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using them but you need to check with your lawyer but note that it may end up costing you more in conveyancing charges. In light of this these agreements are rare in relation to conveyancing in Lymington.
I am downsizing from our home in Lymington and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed an internet conveyancing outfit as opposed to a conveyancing solicitor in Lymington. Having lived in Lymington for 5 years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am buying a new build flat in Lymington. 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Lymington
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Due to the encouragement of my in-laws I had a survey completed on a house in Lymington prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks will refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lymington. Conveyancing will be smoother if you use a solicitor in Lymington especially if they are familiar with such properties in Lymington.
I am looking for a conveyancing practitioner in Lymington for my sale. Is there any facility to see a firm’s record with the profession’s regulator?
You may find presented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator could recorded telephone calls for training reasons.