I am progressing with the sale of my house in St Mary Cray and the EA has just telephoned to warn that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in St Mary Cray ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 hearing daily from firms 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. The buyers are not going to have any sway in the decision.
All was ready to complete my purchase in St Mary Cray next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. 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 limited to conveyancing in St Mary Cray.
I need some quick conveyancing in St Mary Cray as I have an ultimatum to complete within 4 weeks. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not taking a mortgage you are at free not to do searches although no law firm would advise that you don't. With lots of history conveyancing in St Mary Cray the following are instances of issues that can arise and therefore impact market value: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
I am buying a new build apartment in St Mary Cray. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in St Mary Cray
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I want to let out my leasehold apartment in St Mary Cray. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in St Mary Cray do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in St Mary Cray. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the sum to be paid.
An example of a Lease Extension matter before the tribunal for a St Mary Cray flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired residue of the current lease was 50.57 years.
How do I search for a St Mary Cray conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 15kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case St Mary Cray and you will see a number of lawyer located nearest St Mary Cray. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.