I had intended to instruct a property lawyer in Okehampton for our house move. Our financial adviser informed us that our mortgage lenders Barclays won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Okehampton conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms about their operations and their employees as well as set certain criteria such a completing on a minimum number of conveyancing. Many Okehampton conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Okehampton is amongst the hundreds of areas where the conveyancers showing on our search results are members of the panel for Barclays .
I am the single recipient of my late mum's will with all property in now in my sole name, including the house in Okehampton. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. many mortgage companies would take a practical view as this provision chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I am purchasing a property in Okehampton. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Coventry BS your lawyer must check the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Coventry BS where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Okehampton.
My fiancee and I are at the point of viewing apartments in Okehampton and I am now considering a potential offer. Is it wise to have a property lawyer on ‘stand by’? I am planning to take a home loan with Aldermore.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are taking out a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
I decided to have a survey carried out on a property in Okehampton ahead of instructing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend not issue a loan on such a property.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Okehampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Okehampton to see if the conveyancing will be more expensive.
Do you have any top tips for leasehold conveyancing in Okehampton from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Okehampton can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers’ solicitors. Many freeholders or managing agents in Okehampton charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Okehampton. You believe that you know the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Okehampton state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork to hand do not contact the landlord without contacting your solicitor in the first instance. If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
Okehampton Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
Are any of leasehold owners in dispute over their service charge liability? It would be wise to find out as much as possible concerning the company managing the block as they can either make living at the property much simpler or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Enquire of prospective neighbours what they think of their service. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. How is the lease structured?
When it comes to my conveyancing in Okehampton should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Okehampton conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.