I am in the process of selling my house in Peak District and the estate agent has just e-mailed to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in Peak District ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any impact on this.
I have been recommended a conveyancing solicitor in Peak District. I I am struggling to find out whether they are on the HSBC Bank approved list of lawyers. Can you help?
The first thing to do is phone the conveyancer and enquire if they can act for the lender. Otherwise you should get in touch with HSBC Bank who may be able to help.
We are intent on selling our house in Peak District and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any high street Peak District lawyer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in Peak District. We have lived in Peak District for 4 years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I'm buying my first flat in Peak District with the aid of help to buy. The sellers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not inform my lawyer about this deal as it will put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Peak District. I need to get lease extension but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the landlord. In some cases a specialist would be helpful to try and locate and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Peak District.
Peak District Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
What restrictions are contained in the Peak District Lease? You should want to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the common parts. You should not be shy to ask other people if they are happy with them. On a final note, find out the dates that the service fees are due to the managing agents and precisely what you get for your money. The majority of Peak District leasehold flats will have a service bill for maintenance of the block invoiced on behalf of the freeholder. If you purchase the flat you will have to meet this charge, normally in instalments during the year. This can be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a ground rent to be met yearly, this is usually not a exorbitant amount, say approximately £25-£75 but you need to enquire it because occasionally it can be many hundreds of pounds.