I am selling my flat in Maghull and the EA has just telephoned to advise that the purchasers are appointing a new property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Maghull ?
Mortgage companies 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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 buyers are unlikely to have any impact on this.
My partner and I are purchasing a newly constructed flat in Maghull and my solicitor is advising me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to sign contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I acquired my home in Maghull. Conveyancing lawyers have recently been appointed on the sale but I am unable to find my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be with your lender or they may still be with the conveyancers who acted in the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Maghull involves registered property but in the unlikely event that your property is not registered it is more problematic but is not insurmountable.
I am purchasing a property in Maghull. A rare aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Co-operative your lawyer must comply with the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook includes minimum conditions for solar panel roof-space leases, and lawyers are required to report to Co-operative where a lease fails to satisfy these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to Maghull.
I have decided to exercise my right to buy my property in Maghull off the council. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
After months of negotiation I have agreed a price on an apartment in Maghull. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. Not long after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Maghull I like with a park and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Maghull in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
In what way does the Landlord & Tenant Act 1954 affect my commercial premises in Maghull and how can you help?
The 1954 Act gives a safeguard to business lessees, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Maghull is one of the numerous locations in which the firms we work with are based