I am nearing exchange of contracts for my home in Colerne and the estate agent has just telephoned to advise that the buyers are swapping conveyancer. The excuse is that the mortgage company will only deal with solicitors on their approved list. Why would a leading lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Colerne ?
UK lenders have always had an approved set of law firms that can act for them, but in the last 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.
Mortgage companies point to the increase in fraud by way of justification for the reduction – 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 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. Your buyers are not going to have any impact on this.
The owners have rather pushy vendors who has insisted on a preliminary agreement with a deposit two thousand pounds. Are such agreements generally advanced for Colerne conveyancing transactions?
There are two main concerns with signing a lock out contract (occasionally termed an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing process, so in the absence of it needing limited or no negotiation then it may transpire to be a cause of frustration and delay. It is not strongly advocated by Colerne conveyancing practitioners for this reason. A further issue is the extent of the remedies available - a jilted purchaser is not likely to be granted an injunctive ruling by a court to prohibit the seller disposing of the property to a third party, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in rare circumstances, the extra payment of penalties.
It is is a decade since I purchased my house in Colerne. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be kept by your lender or they may stored with the lawyers who acted in your purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Colerne relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
What can a local search reveal about the property my wife and I purchasing in Colerne?
Colerne conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search plays a central role in many a Colerne conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I am buying a new build apartment in Colerne. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Colerne
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Are the Colerne conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
Colerne law firm practices and firms conducting conveyancing in Colerne themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.