I am in the process of selling my maisonette in Beddington and the EA has just called to say that the purchasers are switching solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain lawyers rather the firm that they want to select for their conveyancing in Beddington ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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. The buyers are unlikely to have any sway in the decision.
I am acquiring a house without a mortgage in Beddington. I have been residing for the previous Seventeen years in Beddington. Conveyancing searches are a lot of money. As I have knowledge of the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Beddington conveyancing searches are optional. Your conveyancer will try and steer you, no-doubt strongly, that you should have searches completed, but she has a professional duty to do this. Do consider; if you are going to dispose of the house at a future date, it could be of interest to your prospective purchaser what the searches reveal. On occasion properties with functional issues can still reveal unexpected search results. A competent conveyancing solicitor in Beddington should be able to give you some sensible advice in this regard.
I purchased a freehold property in Beddington yet pay rent, why is this and what is this?
It is rare for properties in Beddington and has limited impact for conveyancing in Beddington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
What is the difference between a licensed conveyancer and conveyancing solicitor in Beddington
There are many recorded licenced Conveyancers in Beddington and Solicitor practices in Beddington who provide Conveyancing services We would stress that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Forgive me if this question is silly but I am new to the process as FTB of a ground floor flat in Beddington. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Beddington?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s lawyers, and shortly after the monies have arrived, you should be able to collect the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I recently had an offer agreed on an apartment in Beddington. My mortgage broker recommended their conveyancers. I paid an advanced payment of £225. A couple of days later, the solicitor called me to say that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Beddington differ for new build properties?
Most buyers of new build property in Beddington approach 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 Beddington usually 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 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 Beddington or who has acted in the same development.
I have read on various online forums that before selecting a conveyancing lawyer they need approved by your mortgage company. I am a FTB but I have an offer in principle via Nat West Bank and I already have a family conveyancing lawyer in Beddington lined up. Does Santander need an approved lawyer to be selected? Does a directory of approved solicitors even exist for my conveyancing in Beddington?
You need to instruct a solicitor that is on the Santander panel. The simplest thing to do is ring your chosen Beddington conveyancing lawyer to check if they are on the Santander panel. If they are not on the panel you have numerous choices open to you here:
- Complete the purchase with your preferred Beddington property lawyer but Santander will no doubt instruct a conveyancing practitioner on their approved list. The net result is additional charges and likely frustration.
- Get a fresh conveyancer to act in the purchase, making sure they are on the Santander conveyancing panel.
- Convince your property lawyer to seek to join the lender panel.