I am progressing with the sale of my ground floor flat in East Sussex and the estate agent has just called to advise that the buyers are swapping law firm. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in East Sussex ?
Lenders have always had panels of law firms they are willing 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.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. Plenty of firms 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 not going to have any impact on this.
I am being told by my solicitor that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in East Sussex?
The appropriate level of chancel indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
I have decided to exercise my right to buy my property in East Sussex off the council. I have a mortgage agreed with UBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
Planning on purchasing a apartment in East Sussex. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the East Sussex lawyer is on the Principality conveyancing panel.
Various web forums that I have frequented warn that are a common reason for delay in East Sussex house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in East Sussex.
What does commercial conveyancing in East Sussex cover?
Commercial conveyancing in East Sussex covers a broad range of advice, given by regulated solicitors, relating to business premises. For instance, this area 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 tenancies.
The property lawyers conducting our conveyancing in East Sussex has sent documents to review that show the land is unregistered with epitome documents. Surely all houses in East Sussex should be registered?
Although the vast majorities of properties in East Sussex are now registered with HM Land Registry there are still some that remain unregistered. Any property in East Sussex that has been purchased since the late 1980’s will have been registered at the HMLR under the compulsory ‘first registration’ scheme. However, if a East Sussex property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many East Sussex conveyancing solicitors should be familiar with this type of conveyancing but where uncertainty prevails the usual recommendation nowadays appears to be for the seller to undertake the registration formalities first and then deal with the disposal - this undoubtedly result in a protracted home move.