I am progressing with the sale of my home in Emsworth and the estate agent has just called to advise that the buyers are changing their conveyancer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Emsworth ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 impact on this.
My husband and I are purchasing a newly built duplex in Emsworth and my lawyer is informing me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I don't want to delay the conveyancing. Is my lawyer right?
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 conditions. 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 have agreed to purchase a house in Emsworth. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must follow the formal instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Emsworth.
We expect to receive a OIP from Lloyds this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Emsworth solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Emsworth solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
The formalities of my purchase has taken place for my property in Emsworth. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Emsworth I like with open areas and transport links in the vicinity, however it's only got 51 years on the lease. There is not much else in Emsworth suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Reduce the price by the anticipated 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 could ask them to 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 about this.
I have just appointed agents to market my basement apartment in Emsworth. Conveyancing solicitors are to be appointed soon, however I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is pay the invoice as usual because all ground rent and maintenance invoices should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Emsworth Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
It would be wise to discover if the the lease includes any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Emsworth. If you like the propertyin Emsworth however your cat can’t live with you then you will be presented with a difficult choice. The best form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from control and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.