I am 3 weeks into the sale of my home in Theale and the estate agent has just called to say that the buyers are appointing a new law firm. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Theale ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 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.
How can we tell if a Theale conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Theale obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your conveyancing.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Theale property lawyer on the RBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
Principality have agreed my mortgage in principle, my bid on a apartment in Theale has been accepted, now what?
The estate agent will wish to be advised as to your conveyancing practitioner's details (ensure that the solicitors are on the lender’s panel). Contact Principality or your broker and finish off any outstanding documentation. Principality will appoint a valuer who will get in contact with the estate agent or seller to schedule a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. Principality will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Theale.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Theale?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Theale. 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…’
How does conveyancing in Theale differ for newly converted properties?
Most buyers of new build residence in Theale approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Theale usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Theale or who has acted in the same development.
I am thinking of appointing a conveyancing practitioner in Theale for my home move. Is it possible to check a firm’s record with the legal regulator?
Members of the public can search for presented Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Theale. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Theale ?
Most houses in Theale are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Theale so you should seriously consider shopping around for a Theale conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Theale Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? Most Theale leasehold flats will have a service charge for the upkeep of the building set on behalf of the landlord. If you acquire the flat you will have to meet this contribution, usually periodically during the year. This may be anything from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay yearly, normally this is not a significant sum, say around £25-£75 but you need to check it because on occasion it could be surprisingly expensive. Does the lease contain onerous restrictions?