Is the fact that my conveyancer in Southampton is not on my lender's conveyancing panel that there is a problem with the quality of his conveyancing?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Southampton conveyancing firm and ask them why they are no longer on the approved list for your bank.
Are the BSA intent on creating a online directory to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Southampton?
Lexsure has not been advised of any intention on the part of the BSA to develop such a tool.
Just bought a terraced house in Southampton , how long should it take for the Land Registry to register the transfer to my name? My Southampton conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are addressed.
As far as conveyancing in Southampton registration is no faster or slower than the rest of the country. Rather than based on location, timescales can differ depending on the party submitting the application, whether there are errors and if the Land registry communicate with any third persons or bodies. As of today roughly 80% of submission are completed in less than three weeks but some can be subject to protracted hold-ups. Registration is effected after the buyer is living at the premises so 'speed' is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Southampton is where the house is located. What do you suggest?
Flying freeholds in Southampton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southampton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southampton may decide 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.
I was advised by a couple of local selling agents in Southampton to find a solicitor on your site. What’s the financial incentive for Estate Agents to recommend your lawyers rather than alternative conveyancing organisations?
We don’t give any commission for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
What makes a Southampton lease unacceptable for security purposes?
Leasehold conveyancing in Southampton is not unique. All leases are unique and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Southampton - A selection of Queries Prior to Purchasing
Be sure to investigate if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in Southampton. If you love the flatin Southampton however your dog is not allowed to move with you then you have a very hard compromise. It is important to be aware whether a new roof is being installed or some other major work is due shortly to be shared between the tenants and could well materially increase the the service fees or require a one off invoice. You will want to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to daily issues such as the cleanliness of the communal areas. Ask other people what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and precisely what you get for your money.