I am selling my flat in Haslingden and the EA has just telephoned to warn that the buyers are switching law firm. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Haslingden ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 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 maintain. No lender will say 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. Your buyers are unlikely to have any impact on this.
The Haslingden conveyancing firm handling our Haslingden conveyancing has uncovered a discrepancy between the assumptions in the home valuation report and what is in the title deeds. My lawyer has advised that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Haslingden building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Haslingden conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Your lawyer has to follow the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Haslingden is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
After what feels like an age I have had an offer on an apartment in Haslingden accepted, but there is a chain. The vendors have offered on a flat, but it’s not been accepted yet, and are looking at other flats booked. I have chosen a local conveyancing solicitor in Haslingden. What should be my next step? When do I get the mortgage application with Kent Reliance started?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Haslingden conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the Kent Reliance conveyancing panel. Concerning the next stages this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. In a hot market many buyers will apply for the mortgage with Kent Reliance and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Haslingden.
Have purchased a a terraced house in Haslingden , how long should it take for the Land Registry to record my ownership? My Haslingden conveyancing solicitor has been very slow, so I want to be sure the land registry aspects are dealt with.
As far as conveyancing in Haslingden registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry need to notify any 3rd parties. As of today approximately 80% of submission are completed in less than three weeks but occasionally there can be protracted delays. Historically registration takes place after the new owner has moved in to the premises so registration formalities is not typically top priority yet where there is a degree of urgency associated with the registration then you or your lawyers should speak with the land registry and explain the circumstances.
Is it possible to transfer to a new firm as I need to find one who is on the TSB conveyancing list. I hired a family conveyancing solicitor in Haslingden five minutes from me but he is not accepted by TSB
We will our best to assist in finding you a conveyancing solicitor in Haslingden on the TSB panel. Please note that the solicitors that we work with do not pay us commission if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Haslingden. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Haslingden.
Are there common deficiencies that you see in leases for Haslingden properties?
There is nothing unique about leasehold conveyancing in Haslingden. All leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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A duty to insure the building
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I bought a 2 bed flat in Haslingden, conveyancing formalities finalised October 2006. Can you work out an approximate cost of a lease extension? Similar flats in Haslingden with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2101
With just 75 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.