I am selling my flat in Peterlee and the estate agent has just text me to warn that the purchasers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Peterlee ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 being contacted daily by practices 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. Your buyers are not going to have any sway in the decision.
I have todayfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Peterlee for a purchase of a leasehold apartment 9 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Peterlee conveyancing specialists.
How does conveyancing in Peterlee differ for newly converted properties?
Most buyers of new build or newly converted property in Peterlee approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Peterlee usually acquire the real estate, 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 Peterlee or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Peterlee is the location of the property. Can you offer any opinion?
Flying freeholds in Peterlee are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Peterlee you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peterlee 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.
My wife and I purchased a leasehold flat in Peterlee. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Peterlee who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Peterlee conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Peterlee Leasehold Conveyancing - Examples of Queries before Purchasing
Many Peterlee leasehold apartments will incur a service charge for maintenance of the building set on behalf of the management company. Where you purchase the property you will have to pay this liability, normally in instalments throughout the year. This could vary from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a large sum, say approximately £25-£75 but you should to enquire as sometimes it could be surprisingly expensive. Best to be warned if fixing the lift or some other significant cost is coming up that will be shared by the leaseholders and could well dramatically impact the level of the maintenance fees or necessitate a one off payment. Is the freehold reversion owned jointly by the leaseholders?
I need to swap lawyers as my Peterlee lawyer is not on the bank's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a solicitor to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Peterlee that you're thinking of instructing.