I am in the process of selling my ground floor flat in Cambridgeshire and the estate agent has just text me to advise that the buyers are changing their solicitor. The reason given is that the lender will only work with solicitors on their approved list. Why would a big named lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Cambridgeshire ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 not going to have any sway in the decision.
Would the conveyancing lawyers that you recommend perform conveyancing in Cambridgeshire by way of an attended exchange?
There are a few conveyancing experts who can conduct personalised exchanges. Do call us to secure a conveyancing quote and details as to dates.
It has been five months following my purchase conveyancing in Cambridgeshire completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Cambridgeshire differ for newly converted properties?
Most buyers of new build premises in Cambridgeshire contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because builders in Cambridgeshire typically acquire 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 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 used to new build conveyancing in Cambridgeshire or who has acted in the same development.
Can I discover who owns a property in Cambridgeshire?
Provided the premises is recorded at the Land Registry, and you have requisite specifics of the address of the property, you will be able to see details from the HM Land Registry of the registered proprietor for a fee.