I am progressing with the sale of my flat in Ramsgate and the estate agent has just e-mailed to advise that the purchasers are changing their solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Ramsgate ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed 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 says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 buyers are not going to have any sway in the decision.
Due to complete my purchase in Ramsgate next Monday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Ramsgate.
At what point will exchange of contracts happen for domestic conveyancing in Ramsgate and am I required to be at the solicitors office?
Where you are round the corner to one of the conveyancing solicitors in Ramsgate you are invited in to sign documents. That being said, the firms we recommend supply a national conveyancing service and give as equally detailed and professional a job for you when communicating with you electronically. The signing of the contract is not the critical part. Signing on the dotted line is just a prerequisite for the solicitor to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ramsgate)to be in the office available at the end of the phone to exchange contracts.
My aunt passed away last year and as sole heir and executor I was left the property in Ramsgate. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Where you plan to refinance then Nationwide will insist on your using a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
We expect to receive a DIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Ramsgate solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Ramsgate solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I have decided to exercise my right to buy my property in Ramsgate off the council. I have a mortgage offer with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Ramsgate solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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. You may wish to consider appointing your own Ramsgate surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I need some fast conveyancing in Ramsgate as I am under an ultimatum to complete within 4 weeks. A home loan is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are not taking a mortgage you have the choice not to have searches carried out although no solicitor would recommend that you don't. With plenty of history conveyancing in Ramsgate the following are examples of issues that can appear and adversely affect future saleability: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...