I am nearing exchange of contracts for my house in Yarmouth and the EA has just called to warn that the buyers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only work with certain law firms rather the firm that they want to select to handle their conveyancing in Yarmouth ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed 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 hearing daily from firms that have been removed from panels. Some 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 unlikely to have any impact on this.
We previously appointed solicitors with offices in Yarmouth on the Coventry BS solicitor panel. They have just invoiced me a further fee for the legal aspects of the Coventry BS mortgage. Is this a supplemental conveyancing fee set by Coventry BS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your solicitor is entitled to levy a fee for this. This charge is not dictated by Coventry BS but by your Yarmouth conveyancing practitioner. Numerous firms on the Coventry BS panel will charge an ‘acting for lender’ fee and others do not.
We are getting a further advance on our mortgage from Nationwide as we wish to conduct alterations to our home in Yarmouth. Are we obliged to appoint a nearby Yarmouth solicitor on the Nationwide conveyancing panel to handle the paperwork?
Nationwide don't usually instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Yarmouth conveyancing practitioner on the Barclays panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays 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 Barclays mortgage from the register. Barclays, 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 Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
Will our conveyancer be making enquiries about flooding during the conveyancing in Yarmouth.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Yarmouth. There are those who acquire a property in Yarmouth, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or by their lawyers which will figure out the risks in Yarmouth. The standard property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover whether the property has historically flooded. If flooding has previously occurred and is not revealed by the owner, then a purchaser may commence a legal claim for losses as a result of such an incorrect response. The purchaser’s solicitors will also commission an enviro report. This should reveal if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
It has been five months following my purchase conveyancing in Yarmouth completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Yarmouth I like with amenity areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Yarmouth for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Should local authority permission be needed to split a single dwelling into two appartments in Yarmouth? This has taken place to a house next door to a friend in Yarmouth and was unaware of the conversion until after the works were finished.
Planning Consent yes. Building Reg Approval yes.