I am nearing exchange of contracts for my apartment in Amble and the estate agent has just telephoned to say that the buyers are swapping solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Amble ?
Lenders have always had panels 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 acted for them for more than 15 years.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
My nephew is purchasing a new build apartment in Amble with a home loan from Virgin Money. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when requested. 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
The deeds to our house are lost. The conveyancers who did the conveyancing in Amble 10 years ago no longer exist. What are my options?
As long as the title is registered the details of your proprietorship will be evidenced by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, locate your house and obtain current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
How does conveyancing in Amble differ for newly converted properties?
Most buyers of new build or newly converted property in Amble contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Amble tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Amble or who has acted in the same development.
What does commercial conveyancing in Amble cover?
Amble conveyancing for business premises incorporates a wide array of advice, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.