I am in the process of selling my maisonette in Ramsgate and the estate agent has just called to warn that the purchasers are changing their property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Ramsgate ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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. Your buyers are unlikely to have any sway in the decision.
Due to move into my new home in Ramsgate next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 requirements. These requirements are not specific to conveyancing in Ramsgate.
It is is a decade since I acquired my home in Ramsgate. Conveyancing solicitors have recently been instructed on the sale but I can't find the title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be with your mortgage company or they could stored with the solicitor who acted in the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Ramsgate involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Can you clarify what the consequences are if my solicitor is removed from the TSB Conveyancing panel ahead of completing my conveyancing in Ramsgate?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Ramsgate I like with a park and railway links nearby, however it's only got 52 years on the lease. There is not much else in Ramsgate for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am looking into buying my first house which is in Ramsgate and I am already nervous. I couldn't find anything specific about Ramsgate. Conveyancing will be needed in due course but do you know about the Ramsgate area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Ramsgate. In the meantime here are some basic statistics that we found