I am selling my maisonette in East Dean and the EA has just e-mailed to say that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in East Dean ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 not going to have any sway in the decision.
The deeds to our home can not be found. The conveyancers who did the conveyancing in East Dean 4 years ago no longer exist. What are my options?
You no longer need to hold title original deeds to establish that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in East Dean differ for newly converted properties?
Most buyers of new build property in East Dean contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in East Dean tend to 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 property lawyers 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 East Dean or who has acted in the same development.
We expect to complete the sale of our £325,000 maisonette in East Dean next Thursday. The freeholder has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in East Dean?
East Dean conveyancing on leasehold apartments often involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.
East Dean Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
Generally speaking the cost for major works tend not to be included within service charges, albeit that a few managing agents in East Dean obliged leaseholders to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance. Please tell me if there are any major works in the near future that could increase the service fees? The prefered form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Are the East Dean conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the mortgage company?
East Dean firms and firms carrying out conveyancing in East Dean themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.