I am progressing with the sale of my apartment in Plymstock and the EA has just called to say that the purchasers are changing their law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Plymstock ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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 purchasers are not going to have any impact on this.
I am under pressure from the mortgagee in possession of a property in Plymstock to exchange within four weeks. What can I do to expedite the legal process?
In the event that the seller is applying a tight deadline for your conveyancing we would recommend that your conveyancer is familiar with the area as they will benefit local connections and know-how. It is possible that they may have transacted otherhouses in the same neighbourhood. You would be best advised to use a Plymstock conveyancing solicitor. In addition, make sure that the conveyancing firm is on the member panel. It is said that just under twenty per cent of Plymstock conveyancing transactions are delayed or jeopardised after discovering a buyer’s conveyancer was not on their banks member panel. In many cases this discovery resulted in the conveyancing being delayed by almost 21 days. It is claimed that this issue affects approximately 100,000 home moves every year. Most Plymstock conveyancing practices can not represent certain lenders so do check as early as possible.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial site in Plymstock?
Many commercial conveyancing solicitors in Plymstock will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Plymstock. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Plymstock.
For each commercial conveyancing transaction in Plymstock it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Plymstock commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Plymstock.
I have justbeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Plymstock for a purchase of a leasehold apartment 9 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Plymstock conveyancing specialists.
Last August I purchased a leasehold flat in Plymstock. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Leasehold Conveyancing in Plymstock - Sample of Queries before buying
Most Plymstock leasehold flats will be liable to pay a service charge for maintenance of the block invoiced by the landlord. Should you buy the flat you will have to pay this liability, usually quarterly during the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent for you to pay yearly, this is usually not a exorbitant amount, say around £25-£75 but you need to check it because sometimes it can be many hundreds of pounds. It would be wise to investigate if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being permitted in certain buildings in Plymstock. If you like the apartmentin Plymstock however your dog can’t live with you then you have a very hard compromise. Its a good idea to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily issues such as the upkeep of the common parts. Enquire of prospective neighbours if they are happy with their management. On a final note, be sure you discover the dates that the service fees are due to the appropriate party and specifically how they are spending that money.