I am selling my apartment in Southwold and the EA has just telephoned to warn that the purchasers are appointing a new conveyancer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Southwold ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 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 unlikely to have any impact on this.
We are buying a flat in Southwold. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My partner and I are in the throws of looking at apartments in Southwold and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a mortgage with TSB.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are taking out a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
Intending to buy a flat in Southwold. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Southwold conveyancer is on the Aldermore conveyancing panel.
I have justfound out that Arc property Solicitors have closed. They conducted my conveyancing in Southwold for a purchase of a leasehold apartment 12 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The quickest way to see if the premises is registered to you, you can carry out 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 Southwold conveyancing specialists.
My cousin has recommend that I appoint his conveyancers in Southwold. Should I find my own conveyancer?
Much as we are happy to recommend a Southwold conveyancing lawyer the ideal way to find a conveyancing lawyer is to seek feedback from friends or relatives who have experience in using the solicitor that you are contemplating using.
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Southwold. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Southwold ?
Most houses in Southwold are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Southwold so you should seriously consider shopping around for a Southwold conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
Leasehold Conveyancing in Southwold - Sample of Queries before Purchasing
-
Is anyone aware of any major works in the planning that will likely increase the maintenance fees? It is important to be aware whether window replacement or some other significant cost is due shortly that will be shared between the leaseholders and may well dramatically increase the the service fees or result in a specific payment. Who are the managing agents?
Would local authority consent be needed to change a house into two appartments in Southwold? This has been done to a property opposite to my home in Southwold and was not aware of it happening until it was complete.
Planning Consent yes. Building Regulations yes.