I sincerely hope you can assist me. My Ottershaw conveyancer is assuring me that she is duty bound toconduct Ottershaw conveyancing searches asthe firm are on the Santandersolicitor panel. Is my conveyancer correct?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Ottershaw conveyancing searches.
Is there a reason why leasehold purchase conveyancing in Ottershaw costs more?
Ottershaw leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I had intended to instruct a conveyancing solicitor in Ottershaw for our house purchase. Our financial adviser informed us that our bank Chelsea Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Ottershaw conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum number of transactions. Many Ottershaw conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Ottershaw is amongst the thousands of locations where the lawyers we recommend are are approved Chelsea Building Society.
Are there restrictive covenants that are commonly identified during conveyancing in Ottershaw?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ottershaw. 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 decided to have a survey carried out on a house in Ottershaw in advance of instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders tend not grant a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ottershaw. Conveyancing will be smoother if you use a solicitor in Ottershaw especially if they are familiar with such properties in Ottershaw.