I am selling my home in Wymondham and the EA has just e-mailed to say that the buyers are swapping law firm. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a big named lender only deal with certain solicitors rather the firm that they want to select for their conveyancing in Wymondham ?

Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.

Banks blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. Some 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. The buyers are not going to have any sway in the decision.

I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to appoint a high street conveyancing solicitor in Wymondham?

Do check but the chances are that appoint one of their panel lawyers where you want the "fee-free" deal. Speak to the lender to see if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Wymondham.

4 months have gone by following my purchase conveyancing in Wymondham completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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.

How does conveyancing in Wymondham differ for newly converted properties?

Most buyers of new build or newly converted property in Wymondham approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because developers in Wymondham tend to buy the land, 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 conveyancers 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 accustomed to new build conveyancing in Wymondham or who has acted in the same development.

When it comes to leasehold conveyancing in Wymondham what are the most common lease defects?

Leasehold conveyancing in Wymondham is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

Leasehold Conveyancing in Wymondham - A selection of Queries Prior to Purchasing

Best to be warned whether a new roof is being put on or some other significant cost is anticipated that will be shared between the leasehold owners and will materially increase the the service charges or result in a specific invoice. It would be prudent to find out as much as possible regarding the company managing the block as they will either make your living at the property much easier or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the communal areas. Enquire of other people whether they are happy with their management. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.