I am nearing exchange of contracts for my flat in Rowley Regis and the estate agent has just called to say that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a leading lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Rowley Regis ?
UK lenders have always had an approved set of law firms that can act for them, but in the last 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 decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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 claims that it is being contacted daily by practices 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 unlikely to have any impact on this.
Please could you recommend a Britannia sanctioned Rowley Regis conveyancing practice finish our house move within 28 days? Am I best advised to go for a local Rowley Regis conveyancer or a national conveyancer?
We can recommend some very good Rowley Regis conveyancing firms. You can also walk up the high street in Rowley Regis. Go in to some well established law practices and request to speak with a conveyancing solicitor for a costs illustration. Explain your expectations together with your reasons and get a commitment on your deadline. Appoint the one that genuine.
It is 10 years ago since I bought my home in Rowley Regis. Conveyancing solicitors have now been appointed on the sale but I am unable to track down my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a possibility that the deeds will be with your mortgage company or they may be in the possession of the conveyancers who acted in the purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Rowley Regis relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
If you had a top tip for selecting a conveyancing solicitor in Rowley Regis what would it be?
We would encourage you not to base your choice on the cheapest Rowley Regis conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. 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 go into the conveyancing with your eyes wide open.
Please help - my lawyer advises that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Rowley Regis?
The appropriate level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I happen to be the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Rowley Regis. The Rowley Regis property was put into my name in March. I want to move. I do know about the CML six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some banks would take a practical view as this requirement principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
I am looking for a ground for flat up to £245,000 and found one close by in Rowley Regis I like with open areas and railway links nearby, however it only has 52 years unexpired on the lease. There is not much else in Rowley Regis in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
We're first time buyers - agreed a price, yet the property agent advised that the vendor will only issue a contract if we instruct their preferred conveyancers as they want a ‘quick sale’. We would rather use a family conveyancer used to conveyancing in Rowley Regis
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated purchaser is not the way to achieve this. Bypass the agents and go straight to the sellers and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Rowley Regis conveyancing firm - not the ones that will provide their estate agent a referral fee or achieve conveyancing targets set by HQ.