I am in the process of selling my home in Braunstone and the estate agent has just e-mailed to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. On what basis would a major lender only deal with certain lawyers rather the firm that they want to select for their conveyancing in Braunstone ?
UK lenders 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 25 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. The purchasers are unlikely to have any sway in the decision.
Can you clarify what the consequences are if my solicitor is suspended from the Nationwide Conveyancing panel ahead of completing my conveyancing in Braunstone?
First, 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 at a cost.
I am purchasing a house and the conveyancer has referenced Chancel Repair to which the property could be obligated to contribute to given it’s proximity to the area of such a church. He has recommended insurance. Is this strictly appropriate for conveyancing in Braunstone
Unless a prior purchase of the property completed after 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Braunstone to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Braunstone differ for newly converted properties?
Most buyers of new build property in Braunstone come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Braunstone tend to purchase the real estate, 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 property lawyers 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 Braunstone or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Braunstone is the location of the property. Can you shed any light on this issue?
Flying freeholds in Braunstone are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Braunstone you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Braunstone may determine 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 property.
My uncle has encouraged me to instruct his lawyers for conveyancing in Braunstone. Do I follow his recommendation?
There are no two ways about it the ideal way to find a conveyancing solicitor is to get feedback from friends or family who have actually previously instructed the conveyancer you're considering.