I am not in a position to travel far from Leeswood. I would like to know the understand why all Leeswood conveyancing practitioners aren't automatically on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in mortgage companies removing a number of firms off their official list of approved conveyancers .
We wanted to use a property lawyer in Leeswood for our house purchase. Our financial adviser informed us that our mortgage company Lloyds TSB Bank won't deal with them. Surely this is unfair competition?
Mortgage Companies tend to imposes restrictions either the category or the number of conveyancing firms on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, some have decided to limit the amount of firms they use to act for them. You should note that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there remains mixed views about the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that plenty of law firms, including some in or near Leeswood only perform a couple conveyances a year.
I am close to exchanging contracts on the sale of our home in Leeswood and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a factory type conveyancing practice rather than a conveyancing solicitor in Leeswood. We have lived in Leeswood for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation need.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Are there restrictive covenants that are commonly identified during conveyancing in Leeswood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Leeswood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Leeswood differ for new build properties?
Most buyers of new build residence in Leeswood contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Leeswood typically purchase the site, 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 Leeswood or who has acted in the same development.