I am nearing exchange of contracts for my flat in Thirsk and the EA has just e-mailed to say that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Thirsk ?
UK lenders 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 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.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. The buyers are unlikely to have any impact on this.
The vendors of the house we are hoping to buy are using a conveyancing solicitor in Thirsk who has insisted on a exclusivity agreement with a non-refundable deposit 10k. Are such agreements sensible?
This kind of arrangement is unusual in Thirsk, conveyancers are not keen on them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the owner has signed an exclusivity contract they will complete the sale with you. They may be motivated to break the agreement if they receive a big enough incentive to do so because an aggrieved party with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and this may not equate the financial upside that your seller may gain by reneging on the contract, no matter how morally reprehensible it undoubtedly is.
My fiancee and I are at the point of viewing apartments in Thirsk and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a mortgage with Barclays.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are getting a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
Planning on purchasing a flat in Thirsk. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton 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 Thirsk conveyancer is on the Skipton conveyancing panel.
My sealed bid on a property in Thirsk has been accepted, the owners do nevertheless have a tied purchase. The vendors have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Thirsk. What should be my next step? When do I get the mortgage application with Principality going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then survey, Thirsk conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the Principality conveyancing panel. Regarding the next phase this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a hot market some buyers will apply for the mortgage with Principality and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with searches.
My wife and I purchased a 4 bedroom Victorian house in Thirsk. Conveyancing lawyer acted for me and Britannia. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thirsk and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing solicitor who completed the work.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, no chain conveyancing. Thirsk is the location of the property. Is there any advice you can impart?
Flying freeholds in Thirsk are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thirsk you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thirsk may decide 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.
I work for a busy estate agent office in Thirsk where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Thirsk conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Thirsk - Sample of Questions you should consider Prior to buying
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The answer will be important as a) areas could result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will want to have all the details Make sure you discover if there are any onerous restrictions in the lease. By way of example it is very common in Thirsk leases that pets are not permitted in in a block in Thirsk. If you love the apartmentin Thirsk but your cat is not allowed to make the move with you then you will be faced difficult determination. It is important to be aware whether window replacement or some other significant cost is anticipated that will be shared by the tenants and may well dramatically impact the level of the service charges or necessitate a one time payment.