I am nearing exchange of contracts for my home in Bellingham and the EA has just e-mailed to advise that the buyers are appointing a new solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major mortgage company only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Bellingham ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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 not going to have any sway in the decision.
Our nephew is in the process of securing a newly built flat in Bellingham with a home loan from Nottingham. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Bellingham is more expensive?
The conveyancing charges for a leasehold property in Bellingham is often higher when contrasted to a freehold acquisition or disposal. This is because there is an amount of extra work required in communicating with the landlord and management company to collate the information about whether the rent and service fee have been cleared and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
The deeds to my house are lost. The lawyers who conducted the conveyancing in Bellingham 10 years ago have long since closed. What are my options?
Assuming you have a registered title the details of your ownership will be documented by the Land Registry with a Title Number. It is easy to execute a search at the Land Registry, find your house and get up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I am hoping to exchange soon on a garden flat in Bellingham. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bellingham should include some of the following:
Your lawyers should enable you to have an understanding of the insurance provisions You should be sent a copy of the lease The total extent of the property. This may be the property itself but may include a loft or cellar if appropriate. Are you allowed to have a pet in the flat? You should know if the lease allows you to alter or upgrade aspects of the flat- you should know whether it relates to all alterations or just structural alteration, and whether licences for alterations is mandated necessary
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Bellingham. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Bellingham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Bellingham flat is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case affected 2 flats. The unexpired lease term was 68.28 and 158.