I am nearing exchange of contracts for my ground floor flat in Wotton under Edge and the EA has just telephoned to warn that the purchasers are swapping solicitor. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain law firms rather the firm that they want to select for their conveyancing in Wotton under Edge ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 unlikely to have any sway in the decision.
My lender has recommended solicitors on their panel based in Wotton under Edge but I would rather use a conveyancing lawyer in Wotton under Edge local to me. Can you help?
It is by no means the case that all Wotton under Edge conveyancing solicitors are on all lender’s conveyancing panel. Do make the most of the above search tool to identify a Wotton under Edge conveyancing firm on the on the lender panel.
Should my solicitor be asking questions regarding flooding during the conveyancing in Wotton under Edge.
Flooding is a growing risk for conveyancers dealing with homes in Wotton under Edge. There are those who purchase a house in Wotton under Edge, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a various searches that may be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Wotton under Edge. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may commence a claim for damages resulting from an inaccurate response. The purchaser’s lawyers will also conduct an environmental search. This will reveal if there is a recorded flood risk. If so, additional investigations will need to be made.
How does conveyancing in Wotton under Edge differ for newly converted properties?
Most buyers of new build premises in Wotton under Edge contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Wotton under Edge tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wotton under Edge or who has acted in the same development.
I need to instruct a conveyancing solicitor for some conveyancing in Wotton under Edge. I happened to land on a web site which seems to have the ideal offering If there is a chance to get all this stuff done via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?