I am in the process of selling my ground floor flat in Blackwood and the EA has just e-mailed to warn that the buyers are changing their property lawyer. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Blackwood ?
Mortgage companies 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. 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 purchasers are not going to have any sway in the decision.
If you had a top tip for selecting a conveyancing solicitor in Blackwood what would it be?
We would encourage you not to base your choice on the lowest Blackwood conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
is it true that all Blackwood conveyancing solicitors on the Nottingham conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
Completion of my purchase has taken place for my property in Blackwood. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
About to purchase a new build apartment in Blackwood. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Blackwood
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Blackwood I like with amenity areas and railway links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Blackwood in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises 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 term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
In relation to leasehold conveyancing in Blackwood what are the most frequent lease defects?
Leasehold conveyancing in Blackwood is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
Insurance obligations Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Blackwood Leasehold Conveyancing - Sample of Questions you should ask before buying
This question is useful as a) areas can cause problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will need to have all the details Most Blackwood leasehold flats will incur a service bill for the upkeep of the building invoiced on behalf of the freeholder. Where you acquire the apartment you will have to pay this contribution, usually in instalments during the year. This could vary from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a ground rent for you to pay yearly, this is usually not a large sum, say around £50-£100 but you need to check it because on occasion it can be surprisingly expensive. Make sure you find out if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in certain buildings in Blackwood. If you like the flatin Blackwood yet your cat is not allowed to move with you then you have a very hard compromise.