I am nearing exchange of contracts for my flat in Stanmore and the EA has just called to warn that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Stanmore ?
UK lenders 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 Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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. 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. Your purchasers are unlikely to have any impact on this.
Me and my fiancee are buying our first house. The solicitor has messagedto enquire if we wish to order extra conveyancing searches. Unfortunately we have no idea as to what's necessary for conveyancing in Stanmore
The type of Stanmore conveyancing searches depends primarily on the premises, the location, the probability of any of these risks, your knowledge of the locality and risks, your overall attitude to risk. What matters is that you adequately understand what information each search could supply. Then you can make a decision if you personally think you need that information. If in doubt, ask your solicitor to advise.
Are there restrictive covenants that are commonly picked up during conveyancing in Stanmore?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Stanmore. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Stanmore I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Stanmore in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
As co-executor for the will of my father I am disposing of a residence in Monmouth but I am based in Stanmore. My solicitor (who is 250 miles awayhas requested that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Stanmore who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are Stanmore based