I am nearing exchange of contracts for my home in Yaxley and the EA has just telephoned to say that the purchasers are changing their solicitor. The excuse is that the bank will only work with solicitors on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Yaxley ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – 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 says 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 purchasers are unlikely to have any sway in the decision.
If you had a top tip for choosing a conveyancing solicitor in Yaxley what would it be?
We would encourage you not to go for the lowest Yaxley conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Yaxley conveyancer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
After shopping around on the internet I have found a Yaxley solicitor having made sure that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Yaxley postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Yaxley.
Are there restrictive covenants that are commonly identified during conveyancing in Yaxley?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Yaxley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Yaxley is where the house is located. Can you shed any light on this issue?
Flying freeholds in Yaxley are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Yaxley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yaxley may decide 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.
I am downsizing from my home. My former conveyancers have shut. I would be grateful for any recommendation of a conveyancing firm. Im based in Yaxley if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Yaxley. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.