I am progressing with the sale of my flat in Ollerton and the estate agent has just telephoned to warn that the purchasers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Ollerton ?
Mortgage companies have always had panels of law firms that can represent them, but in the past 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.
Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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 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. The purchasers are unlikely to have any sway in the decision.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Ollerton. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then RBS will insist on your using a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
I am aiming to move home in April. Should my conveyancing solicitor update the removal company on the day of completion. Incidentally, can you suggest a removal company in Ollerton. Conveyancing solicitor was organised before I stumbled across this website.
On the day of completion you can pick up the keys from the estate agent but this should only happen when the previous owners conveyancers advise the agent that they have the completion monies and the keys can be released. Subsequently you can inform the removal men that they can start moving you in. As a matter of policy we do not recommend a particular removal company but can assist you in choosing a conveyancing in Ollerton or a solicitor with expertise in conveyancing in Ollerton.
I am the sole recipient of my late mum's will and I have everything in my name now, including the house in Ollerton. The Ollerton property was put into my name in January. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be considered the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view banks take of it, depend on the mortgage company as this provision principally exists to identify subsales or the flipping of property.
Is it the case that all Ollerton solicitors on the Leeds Building Society conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be overseen by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel and in such a situation the organisation would be regulated by the Council of Licensed Conveyancers.
Do commercial conveyancing searches disclose planned roadworks that may affect a commercial site in Ollerton?
Many commercial conveyancing solicitors in Ollerton will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Ollerton. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ollerton.
For each commercial conveyancing transaction in Ollerton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Ollerton commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Ollerton.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Ollerton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ollerton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ollerton you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ollerton 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 premises.
What are your top tips when it comes to appointing a Ollerton conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Ollerton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Ollerton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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If they are not ALEP accredited then why not?
I purchased a studio flat in Ollerton, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ollerton with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2106
With just 80 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.