I am nearing exchange of contracts for my home in Swindon and the estate agent has just e-mailed to warn that the buyers are switching law firm. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Swindon ?
Lenders have always had an approved set of law firms they are content to work with, 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 acted for them for decades.
Banks point to the increase in fraud by way of justification for the cull – 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 hearing daily from firms 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. Your purchasers are unlikely to have any sway in the decision.
Having sold my house in Swindon last February but my buyer keeps telephoning daily complaining that their lawyer is waiting to hear from mine. What should my lawyer have done following completion?
After completion of your house sale your lawyer is duty bound to deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Where relevant, your lawyer should also send confirmation that the home loan has been redeemed to the buyers conveyancers. There are no post completion tasks peculiar conveyancing in Swindon.
I have todaydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Swindon for a purchase of a leasehold flat 12 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The quickest way to check if the premises is in your name, you can make 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 Swindon conveyancing specialists.
I opted to have a survey completed on a house in Swindon ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Swindon. Conveyancing may be slightly more expensive based on your lender's requirements.
Please can you explain what options are open to me if my Swindon conveyancing searches reveals adverse results?
Usually, almost all concerns disclosed in Swindon conveyancing search results can be handled prior to completion or indemnity insurance could possibly be put in place. You should note that although you are acquiring the property and may be content to live with the search results, your mortgage lender may not, and ultimately they have the word say.