I am five weeks into the sale of my ground floor flat in Holyhead and the EA has just telephoned to warn that the purchasers are swapping law firm. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Holyhead ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed 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 says it is hearing daily from firms 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 buyers are unlikely to have any impact on this.
Do all mortgage companies provide you with an approved list of Holyhead conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Holyhead conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
My wife and I have a terraced Victorian property in Holyhead. Conveyancing solicitor acted for me and Virgin Money. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the exact same property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Holyhead and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who conducted the work.
Over the last few months I have been searching for a flat up to £305k and found one close by in Holyhead I like with a park and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Holyhead suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Taking into account that I will soon part with 450k on 3 bedroom house in Holyhead I wish to have a conversation with the solicitor concerning theconveyancing prior to instructing the firm. Can this be arranged?
We could not agree more - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor due to be doing your property ownership legalities in Holyhead.There is no ‘factory style conveyancing’ - every client is unique individual, not a case reference. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Holyhead should be the figure that you end up paying.