I am progressing with the sale of my home in Overton and the EA has just called to say that the purchasers are switching property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to select for their conveyancing in Overton ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened 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 says it is being contacted daily by practices 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 not going to have any impact on this.
Our nephew is buying a newly built flat in Overton with a mortgage from Bank of Ireland. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will conveyancers ask for money up-front when it comes to conveyancing in Overton?
If you are buying a property in Overton your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the Local Authority Search. If any deposit is as part of the purchase price then this will be required immediately prior to exchange of contracts. Any further balance that is needed will be payable a few days ahead of the completion date.
I happen to be the only recipient of my late father’s estate with all property in now in my sole name, including the my former home in Overton. The Overton property was put into my name in September. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the property in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view mortgage companies take of it, depend on the bank as this clause is chiefly there to identify subsales or the quick reselling of properties.
Can I be sure that the Overton conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Overton getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Overton solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Overton postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Overton.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Overton I like with a park and railway links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Overton for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can 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 term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
My fiance and I may need to let out our Overton ground floor flat temporarily due to a career opportunity. We used a Overton conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Your lease governs the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Overton do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Leasehold Conveyancing in Overton - Examples of Queries Prior to buying
-
How much is the ground rent and service charge? How is the lease structured?