I am in the process of selling my house in Ellesmere and the EA has just telephoned to advise that the purchasers are changing their property lawyer. The excuse is that the mortgage company will only deal with solicitors on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Ellesmere ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. 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. The buyers are unlikely to have any sway in the decision.
Can you clarify what the consequences are if my solicitor is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Ellesmere?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have justbecome aware that Action Conveyancing have closed. They carried out my conveyancing in Ellesmere for a purchase of a freehold house 10 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ellesmere conveyancing specialists.
How does conveyancing in Ellesmere differ for new build properties?
Most buyers of new build property in Ellesmere come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Ellesmere typically 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 conveyancing solicitors 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 Ellesmere or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Ellesmere is the location of the property. What do you suggest?
Flying freeholds in Ellesmere are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ellesmere you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ellesmere 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 residence.
Is it best to choose a Ellesmere conveyancing solicitor based in the area that I am hoping to buy? I have an old university friend who can carry out the legal work but her office is over three hundred miles away.
The benefit of a high street Ellesmere conveyancing firm is that you can visit the firm to sign documents, hand in your identification documents and pester them where appropriate. Having local Ellesmere know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were impressed that must outweigh using an unknown Ellesmere conveyancing solicitor just because they are local.