I am in the process of selling my flat in Thrapston and the EA has just telephoned to warn that the buyers are changing their property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Thrapston ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
My lawyer has identified a a problem with the lease for the flat we are buying in Thrapston. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
I have justbeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Thrapston for a purchase of a leasehold apartment 9 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Thrapston conveyancing specialists.
I opted to have a survey carried out on a house in Thrapston prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend not grant a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thrapston. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I purchased a leasehold flat in Thrapston. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Thrapston who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Thrapston conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Thrapston Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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Please note if it is no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Thrapstonlease extensions you will be required to have been the owner of the residence for a couple of years in order to be legally able to exercise a lease extension. Its a good idea to discover as much as you can concerning the managing agents as they will either make your living at the property much simpler or problematic. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the tidiness of the communal areas. Enquire of other tenants whether they are happy with them. In conclusion, be sure you discover the dates that the service charges are due to the managing agents and precisely what it includes. Make sure you enquire if the the lease includes any onerous restrictions in the lease. For instance it is very common in Thrapston leases that pets are not allowed in certain buildings in Thrapston. If you love the flatin Thrapston however your cat is not allowed to live with you then you will be faced hard compromise.
I am buying a house and cash is in place. I have provided solicitor with 2 distinct forms of photo identification, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer stating that the money is legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Thrapston conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.