I am selling my apartment in Weymouth and the estate agent has just telephoned to say that the buyers are swapping law firm. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Weymouth ?
UK lenders have always had panels of law firms they are willing 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 more than 15 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 maintain. Banks tend not to reveal 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. 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 buyers are not going to have any impact on this.
The vendors of the house we are purchasing have appointed a conveyancing practitioner in Weymouth who has recommended a lock out agreement with a non-refundable deposit 10k. Are such agreements the norm for Weymouth conveyancing transactions?
This form of preliminary agreement is unusual in Weymouth, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no assurance that just because the proprietor has signed an exclusivity contract they will sell to you. They may be motivated to break the contract if they receive sufficient financial inducement to do so because an aggrieved claimant with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and this may not equate the extra amount that your vendor may secure by reneging on the contract, no matter how morally unworthy it undoubtedly is.
My wife and I have a semi-detached Edwardian house in Weymouth. Conveyancing solicitor acted for me and Santander. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching property. Is it worth asking Santander to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Weymouth and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing practitioner who conducted the work.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Weymouth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Weymouth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Weymouth you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Weymouth 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 residence.
We're FTB’s - had an offer accepted, but the property agent advised that the vendor will only go ahead if we appoint their recommended solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Weymouth
It is unlikely the vendors are behind this. Should the owner want ‘a quick sale', turning down a motivated purchaser is counter productive. Contact the sellers directly and explain that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to instruct your own,trusted Weymouth conveyancing lawyers - as opposed tothose that will give the negotiator at the agency a referral fee or achieve conveyancing thresholds pre-set by HQ.