I am selling my home in Clitheroe and the EA has just text me to warn that the buyers are swapping property lawyer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Clitheroe ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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. Plenty of firms 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 impact on this.
Why do I have to pay up front for conveyancing in Clitheroe?
Where you are retaining lawyers for conveyancing in Clitheroe your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the sale price then this will be asked for immediately ahead of exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
It has been 4 months since my purchase conveyancing in Clitheroe completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.
My partner has urged me to instruct his lawyers for conveyancing in Clitheroe. Should I use them?
No doubt it’s preferable to find a conveyancing lawyer is to seek feedback from friends or family who have used the firm that you are are thinking of instructing.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Clitheroe. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Clitheroe are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Clitheroe in which case you should be shopping around for a Clitheroe conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.
Clitheroe Leasehold Conveyancing - A selection of Queries before buying
It is important to be aware if fixing the lift or some other major work is anticipated to be shared by the leasehold owners and could well dramatically increase the the maintenance charges or necessitate a specific invoice. What is the annual service fee and ground rent? How many years are left on the lease?