I am selling my home in Wigston and the estate agent has just e-mailed to advise that the buyers are appointing a new solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Wigston ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase 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 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 not going to have any sway in the decision.
Will our lawyer be making enquiries about flooding as part of the conveyancing in Wigston.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Wigston. There are those who acquire a property in Wigston, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various checks that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Wigston. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to discover whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer could issue a compensation claim resulting from an misleading answer. A buyer’s lawyers will also carry out an environmental report. This will reveal whether there is a recorded flood risk. If so, more detailed inquiries should be conducted.
It has been 2 months following my purchase conveyancing in Wigston completed. I have checked the Land Registry website which shows that I paid £200,000 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 words on line conveyancing in Wigston it brings up numerous conveyancerslocally. How do I determine which is the right conveyancing solicitor for my move?
The best method of finding a suitable conveyancer is via trusted recommendation, so seek the guidance of colleagues and relatives who have bought a property in Wigston or the local estate agent or mortgage broker. Fees for conveyancing in Wigston vary, so it's a good idea to obtain a minimum of four quotes from varying types of conveyancers. Dont forget to clarify that the fees are fixed.
Living abroad I am unable to visit my Wigston conveyancing practitioners office to execute documents for conveyancing in Wigston – is this a problem?
No. Wigston conveyancing solicitors can undertake home moves for clients from a distance. It is not necessary for you to be able to meet your lawyer in the flesh at a Wigston conveyancers office. They can handle everything via phone, post and email - whatever works for you.