I am progressing with the sale of my ground floor flat in Acrefair and the estate agent has just e-mailed to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Acrefair ?
Lenders 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason 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 says it is hearing daily from firms 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 not going to have any sway in the decision.
My husband and I are getting closer to an exchange on a property in Acrefair and my parents have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We hope to to buy with Darlington Building Society. I dropped in a few local solicitors but am unable to find a Acrefair conveyancing firm on the Darlington Building Society panel. Please you help?
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type Acrefair or your location and you will be presented with numerous conveyancers offices in Acrefair or nearest you.
I require fast conveyancing in Acrefair as I have a deadline to sign on the dotted line inside one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not getting a home loan you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Acrefair the following are examples of what can arise and adversely impact the marketability of the property: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
five months have gone by following my purchase conveyancing in Acrefair took place. I have checked the Land Registry site which shows that I paid £175,000 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 property 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 Acrefair differ for newly converted properties?
Most buyers of new build residence in Acrefair approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Acrefair typically buy 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 Acrefair or who has acted in the same development.