I am nearing exchange of contracts for my flat in Barlaston and Tittensor and the estate agent has just telephoned to warn that the purchasers 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 major mortgage company only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Barlaston and Tittensor ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the cull – 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 claims that it is hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
Completed the sale of my flat in Barlaston and Tittensor last September yet the purchaser is Skype messaging daily complaining that her lawyer is waiting to hear from mylawyer. What are the post completion sale formalities following completion?
Following your disposal your lawyer is committed to deliver the transfer deeds and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor should also send confirmation that the mortgage has been discharged to the buyers conveyancers. There is unlikely to be post completion procedures specific conveyancing in Barlaston and Tittensor.
How does conveyancing in Barlaston and Tittensor differ for new build properties?
Most buyers of new build premises in Barlaston and Tittensor approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Barlaston and Tittensor tend to buy the real estate, 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 conveyancing solicitors 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 Barlaston and Tittensor or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Barlaston and Tittensor is where the house is located. Is there any advice you can impart?
Flying freeholds in Barlaston and Tittensor are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barlaston and Tittensor you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barlaston and Tittensor may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be concerned by 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Barlaston and Tittensor conveyancing practice?
As with lots of service providers, often input from relatives can be extremely useful or valuable. Yet there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest solicitors to appoint. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the discretion to select your own conveyancer. Don't forget that the majority of banks specify a panel list of law firms you must use for the mortgage related work in your transaction.