I am one month into the sale of my ground floor flat in Rothley and the estate agent has just called to say that the purchasers are appointing a new conveyancer. The reason given is that the lender will only deal with solicitors on their approved list. Why would a big named mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Rothley ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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.
Will conveyancers request an advanced payment when it comes to conveyancing in Rothley?
If you are buying a property in Rothley your lawyer will request that you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the total price then this will be asked for immediately in advance of exchange of contracts. Any further balance that is needed will be payable a few days ahead of the completion date.
I have todayfound out that Arc property Solicitors have been shut down. They carried out my conveyancing in Rothley for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The easiest way to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rothley conveyancing specialists.
I opted to have a survey done on a house in Rothley ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rothley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rothley to see if the conveyancing costs will increase in light of this.
Sixweeks into a sale of a flat in Rothley. Conveyancing is fine but we have been asked to pay a fortune by the freeholder. To date we have issued a cheque for £250 for a leasehold management pack and then a further £117.20 for additional queries raised by the purchaser's property lawyer.
Neither you or your property lawyer will have any impact over the level of the charges for this information however the average costs for the information for Rothley leasehold property is £380. When it comes to Rothley conveyancing deals it is conventional for the vendor to pay for these costs. The landlord or their agents are not duty bound to answer such questions although many will be content to do so - albeit often at exorbitant prices disproportionate to the work involved. Regretfully there is no statute that requires set fees for administrative tasks. Neither is there any legal time limit by which they are obliged to issue answers.