I am selling my home in Seaford and the EA has just telephoned to advise that the buyers are appointing a new conveyancer. The reason given is that the mortgage company will only work with property lawyers on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Seaford ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say 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 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 impact on this.
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Coventry BS conveyancing panel for example in Seaford?
We have not been informed any plans on the part of the BSA to develop such a register.
Are there restrictive covenants that are commonly picked up during conveyancing in Seaford?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Seaford. 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…’
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Seaford I like with open areas and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Seaford for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
How straightforward is it to use the search tool to locate a conveyancing solicitor in Seaford on the panel for my mortgage?
1st pick a mortgage company such as HSBC Bank, Skipton Building Society or Platform Home Loans Ltd then choose your preferred area such as Seaford. Conveyancing firms in Seaford and beyond will then be listed.
I need to appoint a conveyancing solicitor for some conveyancing in Seaford. I happened to chance upon a site which looks to be the ideal answer If there is a chance to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?