I am nearing exchange of contracts for my apartment in Ashby de la Zouch and the EA has just text me to warn that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Ashby de la Zouch ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. 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. Your purchasers are unlikely to have any impact on this.
It is is a decade since I acquired my home in Ashby de la Zouch. Conveyancing lawyers have recently been appointed on the sale but I can't find my title documents. Is this a major issue?
Don’t worry too much. First there is a chance that the deeds will be retained by the mortgage company or they may still be with the conveyancers who oversaw your purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Most conveyancing in Ashby de la Zouch involves registered property but in the unlikely event that your home is not registered it is more of a problem but is resolvable.
I have been told that property searches are the number one cause of hinderance in Ashby de la Zouch conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Ashby de la Zouch.
Have purchased a a detached house in Ashby de la Zouch , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Ashby de la Zouch conveyancing solicitor works at snail pace, so I want to check that my purchase is recorded.
As far as conveyancing in Ashby de la Zouch is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether there are errors and if the Land registry must send notices to any other parties. Currently in the region of three quarters of such applications are fully addressed within 12 days but some can be subject to protracted hold-ups. Historically registration takes place once the purchaser is living at the premises therefore 'speed' is not typically top priority but where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
I decided to have a survey done on a property in Ashby de la Zouch before retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to grant a mortgage on such a property.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ashby de la Zouch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ashby de la Zouch to see if the conveyancing costs will increase in light of this.
Am I better off to appoint a Ashby de la Zouch conveyancing lawyer who is local to the property I am buying? An old friend can conduct the legal work however they are based 300kilometers away.
The benefit of a local Ashby de la Zouch conveyancing firm is that you can visit the firm to execute paperwork, present your ID and pester them where appropriate. Having local Ashby de la Zouch know how is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were content that should trump using an unfamiliar Ashby de la Zouch conveyancing lawyer just because they are based in the area.