I am nearing exchange of contracts for my ground floor flat in Baldock and the estate agent has just called to say that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. Why would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Baldock ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 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 purchasers are unlikely to have any sway in the decision.
I am buying a property and the lawyer has identified Chancel Repair for which the property may be obligated to contribute to as it falls into the area of such a church. He has mentioned insurance. Is this really necessary for conveyancing in Baldock
Unless a prior acquisition of the house took place after 12 October 2013 you could expect solicitors conducting conveyancing in Baldock to remain recommending a chancel search and or insurance against a claim.
Just bought a semi-detached house in Baldock , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Baldock conveyancing solicitor works at snail pace, so I want to check the land registry aspects are concluded.
There is nothing unique about conveyancing in Baldock registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry must send notices to any other persons or bodies. At present approximately three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration occurs after the buyer is living at the premises thus an expedited registration is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Baldock differ for newly converted properties?
Most buyers of new build property in Baldock come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Baldock usually purchase the site, 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 conveyancers 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 Baldock or who has acted in the same development.
I decided to have a survey carried out on a house in Baldock in advance of appointing lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some lenders will not give a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Baldock. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been recommended by a few selling agents in Baldock to select a solicitor using your seach tool. Is there a financial advantage for Estate Agents to promote your lawyers ahead of alternative conveyancing organisations?
We refuse to make any commission for directing people in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.