I can't travel far from Northamptonshire. What is the rationale as to why all Northamptonshire property lawyers are not on all mortgage company panels?
Before the recession most banks exhibited an attitude to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. As a result, lenders have subsequently looked to extract more information from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies insisted on.
My lawyer has uncovered a defect with the lease for the property we are buying in Northamptonshire. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
There is lots of information on this site about conveyancing in Northamptonshire but can you isolate your top tip for choosing the right conveyancer in Northamptonshire
It would be unwise to be swayed by the lowest Northamptonshire conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am helping my sister sell her property in Northamptonshire. Does the solicitor commission an EPC or it is for the seller to coordinate?
Following the demise of HIPs, energy assessments was retained a compulsory part of selling a property. An EPC needs to be commissioned prior to the property being marketed. It is not a task that conveyancers ordinarily organise. If you are instructing a Northamptonshire conveyancing practitioner they may be willing to arrange energy performance certificates due to their relationships with reputable Northamptonshire energy assessors
is it true that all Northamptonshire solicitor practices on the Kent Reliance conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
I've recently bought a leasehold flat in Northamptonshire. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Northamptonshire Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
Is anyone aware of any major works in the planning that will likely add a premium to the maintenance fees? Please note if it is no more than eighty years it will impact the marketability of the flat. It is worth checking with your bank that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will be be obliged to have been the owner of the property for two years before you are legally able to exercise a lease extension. Is the freehold owned collectively by the leaseholders?
Been reading online that Northamptonshire solicitors are more costly than licensed conveyancers in Northamptonshire to use when buying a house. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Northamptonshire.
When it comes to conveyancing in Northamptonshire the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.