I am nearing exchange of contracts for my flat in Old Stratford and the estate agent has just text me to advise that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Old Stratford ?
Banks have always had an approved set of law firms that can represent 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 worked with them for over 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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 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 sway in the decision.
After looking at consumer advice sites for an online solicitor in Old Stratford, most post that I should look for a CQS assured solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to best practice conveyancing processes via the scheme protocol the standard includes numerous partnerships who handle conveyancing in Old Stratford.
About to purchase a new build apartment in Old Stratford. Conveyancing is a frightening process 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.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Old Stratford
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
Due to the advice of my in-laws I had a survey completed on a house in Old Stratford ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies tend not grant a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Old Stratford. Conveyancing will be smoother if you use a solicitor in Old Stratford especially if they are acquainted with such properties in Old Stratford.
What advice can you give us when it comes to finding a Old Stratford conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Old Stratford conveyancing firm) 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 Old Stratford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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What volume of lease extensions have they conducted in Old Stratford in the last year?
Old Stratford Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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This information is important as a) areas may result in problems in the building as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to have all the details Can you inform me if there are any major works anticipated that will add a premium to the maintenance charges? The majority of Old Stratford leasehold flats will incur a service bill for maintenance of the building invoiced on behalf of the freeholder. Where you buy the apartment you will have to pay this amount, usually periodically accross the year. This could differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge to be met yearly, ordinarily this is not a significant amount, say around £25-£75 but you need to enquire as sometimes it could be many hundreds of pounds.
22 days into buying a residence in Old Stratford. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this adversely affect the marketability of the property?
Old Stratford conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other extreme, if it's, say, Sixty years it is bound to have a significant effect on the saleability, and most likely wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be stated in the lease provided to your conveyancer.