I am in the process of selling my home in Mortimer and the estate agent has just called to advise that the buyers are appointing a new conveyancer. The reason given is that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Mortimer ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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 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 sway in the decision.
Why is leasehold purchase conveyancing in Mortimer costs more?
The conveyancing charges for a leasehold premises in Mortimer is frequently greater as compared to a freehold property. This is due to the supplemental time required in communicating with the landlord and management company to collate the information concerning whether the rent and service fee have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
I am due to move home in April. Should my conveyancing solicitor liaise with the removal company on the day of completion. Incidentally, can you put forward a removal company in Mortimer. Conveyancing firm was organised before I stumbled across this website.
On the day of completion you will need to pick up the house keys from your property agent however this can only happen when the previous owners lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be collected. After that you will need to advise the removal company that they can start moving you in. As a matter of policy we do not suggest a specific removal company but can assist you in choosing a conveyancing in Mortimer or a lawyer with expertise in conveyancing in Mortimer.
is it true that all Mortimer solicitor practices on the Aldermore conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Mortimer lawyer on the Santander panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Are there restrictive covenants that are commonly picked up during conveyancing in Mortimer?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mortimer. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the encouragement of my in-laws I had a survey completed on a house in Mortimer ahead of retaining conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some banks may refuse to issue a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mortimer. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Mortimer to see if the conveyancing will be more expensive.
I am employed by a reputable estate agent office in Mortimer where we have witnessed a number of flat sales put at risk as a result of short leases. I have received conflicting advice from local Mortimer conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Mortimer Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
It would be wise to find out as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the common parts. Don't be shy to ask other tenants whether they are happy with their management. In conclusion, investigate as to the dates that the service charges are due to the managing agents and specifically what it includes. Best to be warned whether a new roof is being put on or some other major work is pending to be shared by the leaseholders and will materially increase the the service costs or require a specific invoice. The answer will be important as a) areas can result in problems for the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will want to have complete disclosure