I am one month into the sale of my apartment in Milton and the estate agent has just e-mailed to warn that the purchasers are changing their property lawyer. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Milton ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. 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. Some 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 purchasers are unlikely to have any impact on this.
Our god-son is purchasing a new build apartment in Milton with a home loan from Lloyds. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Due to the advice of my in-laws I had a survey completed on a property in Milton before instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Milton. Conveyancing will be smoother if you use a solicitor in Milton especially if they are accustomed to such properties in Milton.
Is it simple use the search tool to choose a conveyancing lawyer in Milton on the panel for my bank?
Step one is to pick a lender such as Lloyds TSB Bank, Norwich and Peterborough Building Society or Clydesdale then type in your preferred area e.g. Milton. Conveyancing firms in Milton and nationally should be listed.
Can you provide any advice for leasehold conveyancing in Milton from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Milton can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers’ solicitors. A minority of Milton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Milton state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you dont have the approvals to hand do not contact the landlord without contacting your lawyer first. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
Leasehold Conveyancing in Milton - Sample of Questions you should ask Prior to buying
-
The majority of Milton leasehold apartments will incur a service charge for the upkeep of the block set on behalf of the landlord. Should you buy the apartment you will have to pay this amount, usually in instalments accross the year. This may be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a large amount, say around £50-£100 but you should to check as sometimes it can be surprisingly expensive. Is anyone aware of any major works in the near future that will likely add a premium to the maintenance fees? What is the the remaining lease term?
How does one as executor remove a departed person's details from the title deeds for a property in Milton?
If a Milton property is jointly owned and one of the owners dies, the name will not automatically be removed from the title deeds. It is not necessary to amend the title as when it comes to a sale you would simply be required to supply proof why the joint owner is missing from the transfer, normally this is in the form of a grant of probate.
With a view to making things simpler in the future you can arrange to have the deceased name erased from the title register by submitting an application to HM Land Registry with evidence of the death. There is no land registry fee payable.