I am selling my home in Mayfield and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Mayfield ?
Banks 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 Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened 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 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 conveyancer has uncovered a a problem with the lease for the property we are purchasing in Mayfield. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
What is your number one tip for finding a conveyancing solicitor in Mayfield
We would encourage you not to go for the cheapest Mayfield conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
My uncle advised me that in purchasing a property in Mayfield there could be a number of restrictions preventing external alterations to the property. Is this right?
We are aware of anumerous of properties in Mayfield which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Mayfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We were going to get a OIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Mayfield solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Mayfield solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
About to purchase a new build apartment in Mayfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Mayfield
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Mayfield is the location of the property. Can you shed any light on this issue?
Flying freeholds in Mayfield are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mayfield you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mayfield may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What advice can you give us when it comes to choosing a Mayfield conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Mayfield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Mayfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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What are the costs for lease extension conveyancing? Can they put you in touch with clients in Mayfield who can give a testimonial?
Leasehold Conveyancing in Mayfield - Sample of Questions you should ask Prior to buying
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Who takes charge for maintaining and repairing the building? Is there a share of the freehold? It would be sensible to discover if there is anything that is prohibited in the lease. For instance it is very common in Mayfield leases that pets are not allowed in in a block in Mayfield. If you love the flatin Mayfield yet your dog is not allowed to make the move with you then you will be presented with a hard compromise.