I am 3 weeks into the sale of my flat in Shaftesbury and the estate agent has just called to warn that the buyers are swapping property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. Why would a leading lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Shaftesbury ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent 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 many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 buyers are unlikely to have any sway in the decision.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Shaftesbury. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 25/4/2019, the requirements read as follows :
I can see plenty of information on this site regarding conveyancing in Shaftesbury but can you isolate your top tip for choosing the right conveyancer in Shaftesbury
We would encourage you not to base your choice on the cheapest Shaftesbury conveyancing quote. 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.
We were going to get a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Shaftesbury solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Shaftesbury solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Planning on purchasing a flat in Shaftesbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shaftesbury lawyer is on the Nottingham conveyancing panel.
I am buying a new build apartment in Shaftesbury. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shaftesbury
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Shaftesbury. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Shaftesbury ?
Most houses in Shaftesbury are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Shaftesbury in which case you should be looking for a Shaftesbury conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
Shaftesbury Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
Make sure you enquire if the the lease includes any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Shaftesbury. If you like the propertyin Shaftesbury yet your dog can’t make the move with you then you will be presented with a difficult compromise. It would be wise to discover as much as you can about the managing agents as they will either make your life much easier or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical matters like the tidiness of the common parts. Ask prospective neighbours if they are happy with their management. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. How much is the ground rent and service charge?