I am progressing with the sale of my apartment in Green Street Green and the EA has just called to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Green Street Green ?
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 represented them for more than 25 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. 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. Your purchasers are unlikely to have any sway in the decision.
My Conveyancer in Green Street Green has never been on on the HSBC Bank Conveyancing Panel. Can I still continue with my prefered solicitor notwithstanding that they are excluded from the HSBC Bank approved list?
The limited options open to you here include:
- Complete the purchase with your preferred Green Street Green solicitors but HSBC Bank will need to use a conveyancer on their panel. This will inevitably rack up the total legal charges as well as result in delays.
- Choose a new lawyer to act in the purchase, not forgetting to check they are Persuade your lawyer to use their best endeavours to join the HSBC Bank conveyancing panel
What will a local search tell me about the house my wife and I buying in Green Street Green?
Green Street Green conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Onsearch The local search is essential in every Green Street Green conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
It has been 3 months following my purchase conveyancing in Green Street Green concluded. I have checked the Land Registry site which shows that I paid £150,000 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 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.
How does conveyancing in Green Street Green differ for new build properties?
Most buyers of new build property in Green Street Green contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Green Street Green usually 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 Green Street Green or who has acted in the same development.