I am five weeks into the sale of my house in South Ockendon and the estate agent has just telephoned to advise that the purchasers are changing their property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to choose for their conveyancing in South Ockendon ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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. Your purchasers are not going to have any sway in the decision.
All was ready to complete my purchase in South Ockendon next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in South Ockendon.
I am buying a new build flat in South Ockendon. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in South Ockendon
There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared.
I have been pointed in your direction by a few estate agents in South Ockendon to get a quote from a solicitor using your seach tool. What’s the financial inducement for Estate Agents to recommend your services over a competitor’s?
We refuse to give any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
One month into buying a residence in South Ockendon. Conveyancing solicitor has phoned to say the property is "Leasehold". Will this likely make a difference on our Halifax valuation?
South Ockendon conveyancing does not usually involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's virtually freehold, so it shouldn't impact the marketability too much.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a material effect on the saleability, and most likely wouldn't be acceptable to the lender. The length of lease and ground rent will be stated in the lease to be supplied to your conveyancer.