I am five weeks into the sale of my maisonette in Middlewich and the EA has just called to advise that the buyers are swapping law firm. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a major lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Middlewich ?
Mortgage companies have always had an approved set of law firms they are willing 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.
Banks point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. 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 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.
Forgive me if this question is silly but I am new to the process as FTB of a two bedroom flat in Middlewich. Do I receive the keys to the premises on completion from my conveyancer? If so, I will appoint a local conveyancing solicitor in Middlewich?
On the day of completion you will not be required to attend the conveyancers office in Middlewich. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s lawyers, and once they have received this, you should be able to collect the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
My conveyancer has informed me that absentee landlord insurance is required on my purchase. What is the level of cover for Middlewich conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Birmingham Midshires and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
The mortgage over my property is with Clydesdale for my property in Middlewich. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
You must advise Clydesdale prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
How does conveyancing in Middlewich differ for newly converted properties?
Most buyers of new build premises in Middlewich approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Middlewich typically acquire the site, 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 property lawyers 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 used to new build conveyancing in Middlewich or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Middlewich is the location of the property. Can you shed any light on this issue?
Flying freeholds in Middlewich are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Middlewich you would need to get your solicitor to go 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 Middlewich may ascertain 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 property.
I am selling my home. My previous solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Middlewich if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Middlewich. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
What makes a Middlewich lease unmortgageable?
Leasehold conveyancing in Middlewich is not unique. Most leases are individual and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
A duty to insure the building
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Middlewich - Sample of Questions you should consider before Purchasing
You should be aware if it is less than eighty years it will impact the salability of the flat. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have owned the residence for a couple of years in order to be legally able to carry out a lease extension. It would be sensible to enquire if the the lease contains any unreasonable restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Middlewich. If you like the propertyin Middlewich but your cat is not allowed to live with you then you will be faced hard decision. What is the maintenance charge and ground rent on the flat?