I am in the process of selling my maisonette in Harrold and the EA has just telephoned to say that the buyers are switching solicitor. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Harrold ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened 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 being contacted daily by practices that have been removed from panels. Some 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 purchasers are unlikely to have any sway in the decision.
It is is a decade since I acquired my house in Harrold. Conveyancing solicitors have now been retained on the sale but I am unable to find the title documents. Is this a major issue?
Don’t worry too much. First the deeds may be kept by the lender or they could be archived with the solicitor who acted in the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. The vast majority of conveyancing in Harrold involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
A colleague pointed out to me me that in purchasing a property in Harrold there could be various restrictions as to what one can do in terms of external changes to the property. Is this right?
There are anumerous of properties in Harrold which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Harrold should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
About to purchase apartment in Harrold. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Harrold lawyer is on the Coventry BS conveyancing panel.
Barclays have agreed my mortgage in principle, my offer on a flat in Harrold has been accepted, what are the next steps?
The property agent will wish to know who your solicitors are (make sure the solicitors are on the lender’s approved list). Call up Barclays or the broker and finalise any outstanding documentation. Barclays will instruct a valuer who will get in touch with the selling agent or vendor to arrange a time for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Barclays will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Harrold.
My husband and I are novice buyers - agreed a price, yet the agent informed us that the seller will only issue a contract if we instruct their chosen solicitors as they are insisting on a ‘quick sale’. We would rather use a high street conveyancer with experience of conveyancing in Harrold
We suspect that the seller is not behind this ultimatum. Should the seller desire ‘a quick sale', alienating a motivated buyer is not the way to achieve this. Contact the vendors directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you intend to instruct your preferred Harrold conveyancing lawyers - rather thanthose that will provide the estate agent a kickback or achieve conveyancing figures set by HQ.
Having had my offer accepted I require leasehold conveyancing in Harrold. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Harrold - 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.
Harrold Leasehold Conveyancing - Sample of Queries Prior to Purchasing
Are any of leasehold owners in dispute over their service charge payments? How much is the annual maintenance fee and ground rent? What restrictions are contained in the Harrold Lease?