I am 4 weeks into the sale of my maisonette in Osidge and the EA has just text me to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Osidge ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Osidge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Osidge. 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…’
How does conveyancing in Osidge differ for new build properties?
Most buyers of new build residence in Osidge contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because builders in Osidge typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Osidge or who has acted in the same development.
Am I better off to choose a Osidge conveyancing practitioner in close proximity to the house I am purchasing? I have an old university friend who can perform the conveyancing however his firm is located a couple of hundredkilometers away.
The primary upside of using a high street Osidge conveyancing firm is that you can pop in to execute documents, present your ID and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were content that must surpass using an unfamiliar Osidge conveyancing solicitor solely due to them being local.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Osidge. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Osidge property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The number of years remaining on the existing lease(s) was 70.31 years.
What are the frequently found deficiencies that you come across in leases for Osidge properties?
Leasehold conveyancing in Osidge is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Are all Osidge solicitors on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your high street lender branch in Osidge. the probability is that they can recommend conveyancing solicitors in Osidge