I am in the process of selling my ground floor flat in Tickton and the estate agent has just e-mailed to say that the buyers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Tickton ?
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 acted for them for decades.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 says 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 not going to have any impact on this.
What is the first thing I need to know regarding purchase conveyancing in Tickton?
Not many law firms or advisers will tell you this but conveyancing in Tickton and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and others involved in the ownership transfer. E.g., the seller, property agent and sometimes your bank. Choosing a solicitor for your conveyancing in Tickton is a critical decision as your conveyancer is your adviser, and is the SOLE person in the process whose role it is to protect your legal interests and to keep you safe.
On occasion a third party with a vested interest will attempt to persuade you that you should follow their advice. For instance, the property agent may claim to be helping by suggesting your conveyancer is slow. Or your mortgage broker may try to convince you to do take action that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
Is there a list of Nationwide panel solicitors in Tickton on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings available over the internet. If you are in need of a Tickton conveyancing practitioner on the Nationwide please use our tool.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Tickton solicitor on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS 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 Coventry BS mortgage from the register. Coventry BS, 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 Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Tickton is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Due to the input of my in-laws I had a survey completed on a house in Tickton in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tickton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tickton to see if the conveyancing costs will increase in light of this.
I need to instruct a conveyancing solicitor for sale conveyancing in Tickton. I happened to land on a web site which seems to have the ideal answer If there is a chance to get all the legals completed via phone that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a long established estate agency in Tickton where we see a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Tickton conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension formalities 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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
Leasehold Conveyancing in Tickton - Sample of Questions you should ask Prior to buying
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You should be aware that where the lease has no more than 80 years it will have adverse implications on the value of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Ticktonlease extensions you will be required to have been the owner of the premises for two years in order to be entitled to exercise a lease extension. How many of the leaseholders are in arrears for their maintenance charge payments? What prohibitions exist in the Tickton Lease?