I am nearing exchange of contracts for my house in Frant and the estate agent has just called to warn that the buyers are switching conveyancer. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a leading lender only work with specific law firms rather the firm that they want to appoint for their conveyancing in Frant ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 claims that it is being contacted daily by practices 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 unlikely to have any sway in the decision.
five months have elapsed following my purchase conveyancing in Frant took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Frant I like with amenity areas and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Frant for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
We're new on the property ladder - agreed a price, but the estate agent told us that the owners will only issue a contract if we appoint the agent's preferred lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family conveyancer who is accustomed to conveyancing in Frant
It is highly unlikely the sellers are driving this. Should the vendor want ‘a quick sale', turning down a serious purchaser is not the way to achieve this. Avoid the agents and go straight to the sellers and explain that (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Frant conveyancing firm - as opposed tothose that will give their estate agent a kickback or meet his conveyancing thresholds set by senior management.
Should one remove a departed person's name from the title deeds for a house in Frant?
Where a Frant property is jointly owned and one of the proprietors passes away, their name will not automatically be removed from the Land Registry title. You are not required to amend the title as in the event of a disposal your conveyancer would simply be asked to supply proof why the other proprietor is missing from the contract, such as a grant of probate.
With the aim of making things smoother for the sale of the property you can arrange to have the deceased name erased from the title entries by applying to HMLR with proof of the death. There is no fee from the Registry for this service.