I am in the process of selling my apartment in Coalville and the EA has just called to say that the purchasers are switching solicitor. The reason given is that the bank will only work with property lawyers on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Coalville ?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened 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 being contacted daily by practices 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. Your buyers are unlikely to have any sway in the decision.
The housing market in Coalville is heating up. What can I do to hasten the legal process?
In a situation where you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the area as they will benefit local relationships and know-how. It is even conceivable that they would have handled otherhouses in the same neighbourhood. Therefore consider using a Coalville conveyancing solicitor. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is believed that nearly one in five of Coalville conveyancing deals are delayed or derailed after finding out that a buyer’s lawyer was not on their banks panel. This can often result in the home move being delayed by almost three weeks. It is claimed that this issue affects in the region of 100,000 home moves every year. Almost all Coalville conveyancing firms can not act for certain banks so do check at the outset.
I purchased a freehold residence in Coalville but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Coalville and has limited impact for conveyancing in Coalville 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I opted to have a survey completed on a property in Coalville ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies may refuse to give a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Coalville. Conveyancing will be smoother if you use a solicitor in Coalville especially if they are familiar with such properties in Coalville.
Is it simple use the search app to find a conveyancing lawyer in Coalville on the authorised to act for my lender?
1st choose a bank such as Lloyds TSB Bank, Bank of Scotland or Clydesdale then choose your location for example Coalville. Conveyancing practices in Coalville and beyond should be listed.
My father-in-law has urged me to use his conveyancing solicitors in Coalville. Should I find my own conveyancer?
No doubt the ideal way to select a conveyancing solicitor is to seek guidance from friends or relatives who have experience in using the firm that you are considering.