I am nearing exchange of contracts for my flat in Wootton Bridge and the EA has just e-mailed to say that the buyers are swapping solicitor. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Wootton Bridge ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. Your buyers are unlikely to have any sway in the decision.
I am acquiring a property without a mortgage in Wootton Bridge. I have been living for the previous 15 years in Wootton Bridge. Conveyancing searches are exorbitant. Given that I know the area and road very well must I have all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Wootton Bridge conveyancing searches are at your discretion. Your solicitor will ’encourage you, no-doubt strongly, that you should have searches done, but she has a professional duty to take that path of encouragement . One thing to take into account; if you are going to sell the house one day, it will be of importance to your future purchaser what the searches disclose. There are plenty of instances where premises with no practical issues can still throw up unexpected search results. A competent conveyancing solicitor in Wootton Bridge will provide you some sensible guidance in this regard.
I have been told that property searches are the primary cause of obstruction in Wootton Bridge house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Wootton Bridge.
three months have elapsed since my purchase conveyancing in Wootton Bridge took place. 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 residence 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've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Wootton Bridge is where the house is located. What do you suggest?
Flying freeholds in Wootton Bridge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wootton Bridge you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wootton Bridge 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 premises.