I am in the process of selling my apartment in Stanwick and the EA has just e-mailed to advise that the buyers are appointing a new solicitor. The reason given is that the bank will only deal with property lawyers on their approved list. Why would a major mortgage company only work with certain solicitors rather the firm that they want to choose for their conveyancing in Stanwick ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the pruning – 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 says 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. Your buyers are unlikely to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stanwick? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing retainer. The Terms of Engagement that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. If you are unwilling to hand over ID verification documents, your solicitor would not be able to accept instructions from you.
My relative suggested that if I am buying in Stanwick I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Stanwick conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Stanwick around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stanwick Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Stanwick.
Just acquired a terraced house in Stanwick , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Stanwick conveyancing solicitor has been very slow, so I want to be certain the post completion formalities are concluded.
There is nothing unique when it comes to conveyancing in Stanwick registration formalities. Rather than based on location, timescales can vary according to who lodges the application, whether there are errors and whether the Land registry need to notify any other parties. As of today approximately 80% of such applications are fully dealt with within two weeks but occasionally there can be longer hold-ups. Historically registration occurs after the new owner has moved in to the property so 'speed' is not usually top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
About to purchase a new build flat in Stanwick. Conveyancing is necessary evil 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 enquiries that you can expect your new-build leasehold conveyancing in Stanwick
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Due to the guidance of my in-laws I had a survey completed on a property in Stanwick ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will refuse to grant a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stanwick. Conveyancing will be smoother if you use a solicitor in Stanwick especially if they are familiar with such properties in Stanwick.