I am nearing exchange of contracts for my maisonette in Stamfordham and the EA has just e-mailed to warn that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Stamfordham ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
Would the conveyancing lawyers identified via your search tool conduct conveyancing in Stamfordham by way of an attended exchange?
There are a few conveyancing specialists who can conduct 24hr exchanges. Please contact us to obtain a costs illustration and details as to availability.
Why do I have to pay up front when it comes to conveyancing in Stamfordham?
Where you are retaining lawyers for conveyancing in Stamfordham your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is payable against the purchase price then this should be needed immediately before exchange of contracts. Any further balance that is needed will be payable a few days ahead of the day of completion.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Stamfordham. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
Given you plan to re-mortgage then Coventry BS will require that you use a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
The deeds to my house are lost. The solicitors who did the conveyancing in Stamfordham 4 years ago no longer exist. What do I do?
As long as the title is registered the information relating to your ownership will be documented by the Land Registry under a Title Number. It is easy to perform a search at the Land Registry, find your property and obtain up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be obtained for twenty pounds.