I am progressing with the sale of my maisonette in Wynyard and the EA has just called to say that the buyers are changing their law firm. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Wynyard ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are not going to have any impact on this.
We wish to acquire a newbuild apartment in Wynyard with a homeloan from The Mortgage Works.We use our Wynyard conveyancing solicitor but The Mortgage Works informed us he's not on their approved list of firms. We have to appoint a The Mortgage Works panel solicitor or keep our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, a common one being that solicitors needs to be on the The Mortgage Works conveyancing panel. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
We had chosen solicitors locally in Wynyard on the Skipton solicitor panel. They are now charging me a separate sum for the legal aspects of the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Skipton but by your Wynyard conveyancing practitioner. Numerous firms on the Skipton panel will charge an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
I had an offer accepted on an apartment in Wynyard on 24/10/2018, valuation was booked 3 days later, all came back fine. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Aldermore and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Aldermore conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
Skipton have agreed my mortgage in principle, my bid on a property in Wynyard has been agreed to, what are the next steps?
The estate agent will wish to be advised as to your property lawyer's details (be sure the solicitors are on the lender’s panel). Call up Skipton or your broker and finish off any appropriate documentation. Skipton will sellect a valuer who will get in touch with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. Skipton will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wynyard.
My cousin has urged me to appoint his conveyancers in Wynyard. Should I use them?
There are no two ways about it the ideal way to find a conveyancing lawyer is to seek recommendations from friends or family who have actually previously instructed the conveyancer that you are considering.
I work for a long established estate agent office in Wynyard where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Wynyard conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Wynyard - A selection of Queries before buying
Most Wynyard leasehold properties will incur a service charge for maintenance of the building set by the management company. Where you purchase the flat you will have to meet this liability, normally in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met annual, normally this is not a exorbitant amount, say around £25-£75 but you need to enquire it because occasionally it could be surprisingly expensive. Make sure you investigate if there are any onerous prohibitions in the lease. By way of example it is reasonably common in Wynyard leases that pets are not allowed in certain buildings in Wynyard. If you like the apartmentin Wynyard however your dog is not allowed to live with you then you will be presented with a hard decision.