I am selling my maisonette in Theale and the estate agent has just called to warn that the purchasers are switching law firm. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Theale ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your buyers are unlikely to have any impact on this.
What is the difference between a licensed conveyancer and conveyancing solicitor in Theale
There are many recorded licenced Conveyancers in Theale and Solicitor firms in Theale who can assist with your conveyancing We would stress that the two are regulated professionals specialising in the legal work in transferring property. They may both also deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
A relative informed me that in purchasing a property in Theale there could be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of anumerous of properties in Theale which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Theale should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am being told by my solicitor that lack of planning permission insurance is required on my purchase. What is the level of cover for Theale conveyancing?
The right level of lack of planning permission indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
Should our conveyancer be raising questions about flooding during the conveyancing in Theale.
Flooding is a growing risk for lawyers specialising in conveyancing in Theale. Plenty of people will acquire a property in Theale, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Theale. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine if the property has historically flooded. In the event that flooding has previously occurred which is not notified by the owner, then a purchaser could commence a compensation claim resulting from an incorrect answer. The purchaser’s lawyers will also order an enviro search. This will indicate whether there is any known flood risk. If so, additional investigations will need to be carried out.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Theale is the location of the property. Is there any guidance you can impart?
Flying freeholds in Theale are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Theale you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Theale may ascertain 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 residence.
As co-executor for the estate of my father I am disposing of a house in Cardiff but I am based in Theale. My lawyer (based 260 miles from meneeds me to sign a statutory declaration before completion. Can you recommend a conveyancing lawyer in Theale to witness and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are located in Theale
What makes a Theale lease unmortgageable?
Leasehold conveyancing in Theale is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
Repairing obligations to or maintain parts of the premises Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Barnsley Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Theale - Sample of Queries Prior to Purchasing
If a Theale lease has no more than 80 years it will have adverse implications on the value of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would be be obliged to have owned the property for 24 months in order to be eligible to carry out a lease extension. It is important to be aware if fixing the lift or some other major work is pending to be shared amongst the leaseholders and will dramatically impact the level of the maintenance costs or require a one time invoice. What is the the remaining lease term?