I am nearing exchange of contracts for my home in Totterdown and the EA has just text me to warn that the purchasers are appointing a new law firm. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Totterdown ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened 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 claims that it is hearing daily from firms 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.
Completed the sale of my flat in Totterdown last June yet the purchaser is whats apping daily complaining that her solicitor needs to hear from mylawyer. What should my lawyer have done following completion?
Following your house sale your conveyancer is duty bound to deliver the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your conveyancer must also evidence that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There is unlikely to be post completion procedures unique to conveyancing in Totterdown.
I have 70 years left on my lease and need a lease extension for my flat in Totterdown. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/4/2024 the requirements read as follows :
Despite weeks of looking the Title Certificate and documents to our house are lost. The solicitors who did the conveyancing in Totterdown 5 years ago no longer exist. Will I be able to sell the house?
Assuming the title is registered the information relating to your ownership will be held by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and secure up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Totterdown I like with open areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Totterdown suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Should I be suspicious by estate agents that I am dealing with are suggesting a factory type conveyancing firm rather than a local Totterdown conveyancing firm?
As with many professional services, often recommendations from family and friends can be very helpful. But there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all put forward solicitors to appoint. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to appoint your own conveyancer. However, bear in mind that the majority of banks have an approved list of lawyers you must use for the lender related work in your house move.