I am nearing exchange of contracts for my house in Whalley and the estate agent has just text me to say that the buyers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Whalley ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 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 not going to have any impact on this.
Our god-son is about to exchange on a house that has just been built in Whalley with a mortgage from Coventry BS. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I need some fast conveyancing in Whalley as I am under an ultimatum to sign on the dotted line inside 3 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you are at liberty not to have searches conducted although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Whalley the following are instances of what can be revealed and adversely impact market value: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
I have a semi-detached Georgian house in Whalley. Conveyancing lawyer represented me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Whalley and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing solicitor who conducted the purchase.
I am looking for a flat up to £235,500 and found one near me in Whalley I like with a park and transport links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Whalley in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.