I am five weeks into the sale of my maisonette in Northumberland Heath and the EA has just telephoned to say that the buyers are changing their law firm. The reason given is that the mortgage company will only work with property lawyers on their approved list. Why would a major lender only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Northumberland Heath ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions 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 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. Your purchasers are unlikely to have any sway in the decision.
I have been told that property searches are the primary reason for obstruction in Northumberland Heath house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Northumberland Heath.
I purchased my flat on 16 May and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Northumberland Heath said it would be dealt with in a couple of weeks. Are titles in Northumberland Heath particularly slow to register?
There is nothing unique about conveyancing in Northumberland Heath registration formalities. As opposed to being determined by geographic area, timescales can adjust subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any interested parties. Currently roughly 80% of submission are completed in less than three weeks but some can be subject to longer hold-ups. Registration occurs once the buyer has moved in to the property so an expedited registration is not typically top priority yet where there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
I am looking for a leasehold apartment up to £195,000 and found one near me in Northumberland Heath I like with open areas and station in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Northumberland Heath in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Am I right to be suspicious by third parties that I am dealing with are suggesting a national conveyancing firm rather than a High Street Northumberland Heath conveyancing practice?
As with many professional services, often suggestions from family and friends can be very helpful. But there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward lawyers to select. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to choose your own conveyancer. Don't forget that some lenders specify a panel list of law firms you are obliged to use for the mortgage related work in your transaction.
In my capacity as executor for the will of my grandmother I am selling a house in Monmouth but live in Northumberland Heath. My conveyancer (who is 250 kilometers awayneeds me to sign a statutory declaration before completion. Can you recommend a conveyancing lawyer in Northumberland Heath to witness and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Northumberland Heath based