I am 4 weeks into the sale of my flat in Whitby and the EA has just called to say that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a leading lender only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Whitby ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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. Your purchasers are not going to have any sway in the decision.
My Conveyancer in Whitby has never been on on the Norwich and Peterborough Building Society Approved Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Norwich and Peterborough Building Society approved list?
The limited options open to you here include:
- Carry on with your existing Whitby solicitors but Norwich and Peterborough Building Society will need to use a lawyer on their panel. This will inevitably rack up the overall conveyancing charges and cause frustration.
- Get a new solicitor to to deal with the conveyancing, remembering to check they are Convince your conveyancer to do everything within their powers to join the Norwich and Peterborough Building Society conveyancing panel
How does conveyancing in Whitby differ for new build properties?
Most buyers of new build property in Whitby approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Whitby usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Whitby or who has acted in the same development.
I opted to have a survey done on a house in Whitby in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders may not issue a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Whitby. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I will soon part with £400,000 on a property in Whitby I would like to talk to a lawyer concerning theconveyancing prior to appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your property ownership legalities in Whitby.There is no ‘factory style conveyancing’ - each client is an important individual, not a file reference. The practices that we put you in touch with believe that the figure you are provided with for your conveyancing in Whitby should be the amount on the final invoice that you end up paying.
I've recently bought a leasehold house in Whitby. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Whitby Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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Does the lease have onerous restrictions? Are there any major works anticipated that could add a premium to the service charges? The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent is directed by the tenants.