I am selling my maisonette in Newbury Park and the EA has just telephoned to advise that the buyers are swapping property lawyer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Newbury Park ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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. 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 impact on this.
Due to complete my purchase in Newbury Park next Thursday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not specific to conveyancing in Newbury Park.
Will commercial conveyancing searches reveal proposed roadworks that could affect a commercial estate in Newbury Park?
Its becoming the norm that commercial conveyancing solicitors in Newbury Park will order a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Newbury Park. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Newbury Park.
For every commercial conveyancing transaction in Newbury Park it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Newbury Park commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Newbury Park.
It has been five months following my purchase conveyancing in Newbury Park concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
I am using a search engine for the term cheap conveyancing in Newbury Park it reveals many solicitorslocally. With so much choice what is the best way to find the right solicitor for the sale of my house?
The best way of seeking a suitable conveyancer is via personal testimonial, so enquire of colleagues and relatives who have purchased a property in Newbury Park or the respected estate agent or financial adviser. Costs for conveyancing in Newbury Park vary, so it's sensible to secure a minimum of three fee calculations from varying types of law firms. Dont forget to clarify that the costs are guaranteed not to rise.