I am selling my ground floor flat in Ware and the estate agent has just called to say that the buyers are swapping solicitor. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Ware ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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. The buyers are not going to have any sway in the decision.
I am soon to exchange on the purchase of a house in Ware but as a consequence of damage from some water damage at the property I have was able negotiate reparation from the seller of three thousand pounds taking the form of a deduction in the price. This was going to be addressed as part of a side agreement yet Co-operative will not permit this. Why were they involved?
The property lawyer that is on the Co-operative conveyancing panel is obliged to disclose to Co-operative of any amendments to the sale price. If you prohibit your solicitor to disclose the reduction to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new lawyer for your conveyancing in Ware.
Do I need to attend the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Ware so that I can attend their offices when needed.
These days conveyancing panel lawyers for mortgage companies carry out their work via the post, e-mail or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in the country. That being said you can check if you have the option of attending the offices of your conveyancing lawyer if needed.
I opted to have a survey carried out on a house in Ware in advance of instructing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some banks may not issue a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ware. Conveyancing may be slightly more expensive based on your lender's requirements.
In my capacity as executor for the estate of my father I am selling a property in Newport but reside in Ware. My conveyancer (based 250 kilometers from merequires that I sign a statutory declaration before completion. Can you recommend a conveyancing practitioner in Ware to attest this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are based in Ware
We own a leasehold flat in Ware. Conveyancing was finished in 2011. I have been told that I should not allow the the remaining lease term to fall too short. What is the reasoning?
Ware residential long term leases are for a prescribed period - usually 99 years when they started. However a significant flats in Ware were constructed or converted 30 or more years ago and so such leases now have fewer than eighty years left to run. This may sound like a long time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing seventy five years. To increase the marketability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease hits 80 years as when the lease falls below eighty years the premium to be paid to extend starts to increase.