I am selling my flat in Mansfield Woodhouse and the estate agent has just e-mailed to warn that the buyers are swapping law firm. The reason given is that the bank will only deal with solicitors on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Mansfield Woodhouse ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. Some 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 buyers are not going to have any sway in the decision.
We are buying a property in Mansfield Woodhouse. It might be a silly question but how we can trust a lawyer? At some point we will need to deposit funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the single recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Mansfield Woodhouse. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the house. I understand that there is a CML six month 'rule', meaning my property ownership could be treated the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most lenders would take a sensible view as this provision chiefly exists to capture the purchase and immediately sell or the flipping of property.
When it comes to mortgage companies such as TSB, do Mansfield Woodhouse conveyancing practitioners incur an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Should my lawyer be asking questions about flooding during the conveyancing in Mansfield Woodhouse.
Flooding is a growing risk for solicitors carrying out conveyancing in Mansfield Woodhouse. There are those who buy a house in Mansfield Woodhouse, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a number of searches that may be carried out by the buyer or by their lawyers which should figure out the risks in Mansfield Woodhouse. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine whether the property has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a compensation claim as a result of such an inaccurate answer. The purchaser’s conveyancers should also conduct an enviro report. This will higlight whether there is any known flood risk. If so, further investigations should be made.
five months have gone by since my purchase conveyancing in Mansfield Woodhouse took place. I have checked the Land Registry website 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Mansfield Woodhouse is the location of the property. Is there any advice you can give?
Flying freeholds in Mansfield Woodhouse are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mansfield Woodhouse you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mansfield Woodhouse may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.