I am in the process of selling my flat in Boscastle and the estate agent has just called to advise that the buyers are switching law firm. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Boscastle ?
Banks have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
My partner and I are buying a newly built duplex in Boscastle and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. I am under pressure to sign contracts and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We wanted to use a property lawyer in Boscastle for our house purchase. Our broker informed us that our mortgage lenders Birmingham Midshires won't deal with them. Surely this is unduly restrictive?
A bank may require an approved solicitor act for it. Borrowers are expected to meet the charges for this. Do use our directory service to select a solicitor to carry conveyancing in Boscastle on the Birmingham Midshires approved list of solicitors.
Are there restrictive covenants that are commonly identified during conveyancing in Boscastle?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Boscastle. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am on look out for some leasehold conveyancing in Boscastle. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Boscastle - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Boscastle Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
How is the lease structured? Does the lease have onerous restrictions? Best to be warned if fixing the lift or some other significant cost is coming up that will be shared by the leaseholders and may well dramatically impact the level of the maintenance charges or necessitate a specific payment.