I am in the process of selling my home in Seaview and the estate agent has just e-mailed to warn that the buyers are switching law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Seaview ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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. Your purchasers are not going to have any impact on this.
I got the keys to my flat on 8 August and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Seaview said it would be recorded inside ten days. Are transfers in Seaview particularly slow to register?
As far as conveyancing in Seaview registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can adjust subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any third persons or bodies. At present approximately three quarters of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place after the buyer has moved in to the property so post completion formalities is not typically an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Seaview is the location of the property. Is there any guidance you can impart?
Flying freeholds in Seaview are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Seaview you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Seaview may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I best advised to choose a Seaview conveyancing practitioner who is local to the property I am hoping to buy? An old friend can carry out the conveyancing but her office is 300kilometers drive away.
The benefit of a high street Seaview conveyancing firm is that you can drop in to sign paperwork, deliver your identification documents and pester them if necessary. Having local Seaview know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were content that should surpass using an unfamiliar Seaview conveyancing lawyer just because they are round the corner.
Due to complete next month on a ground floor flat in Seaview. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Seaview should include some of the following:
Additions to the premises Information as to the provision in the lease to pay service charges - with regard to both the building, and the wider rights a tenant has Whether the lease restricts you from renting out the property, or working from home What options are available to the landlord where you have violated the provisions of the lease? Does the lease require carpeting throughout thus preventing wood flooring?
Leasehold Conveyancing in Seaview - A selection of Queries Prior to buying
If a Seaview lease has no more than 80 years it will impact the marketability of the property. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be be obliged to have owned the premises for a couple of years before you are eligible to extend the lease. The prefered form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. Is there a share of the freehold?