I am progressing with the sale of my flat in Cowley and the estate agent has just called to advise that the purchasers are swapping conveyancer. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Cowley ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 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. Your purchasers are not going to have any impact on this.
I happen to be the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Cowley. The Cowley property was put into my name in September. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in September. Do I have to wait 6 months to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many mortgage companies would take a sensible view as this obligation primarily exists to identify subsales or the flipping of properties.
I have decided to exercise my right to buy my property in Cowley off the council. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
After months of negotiation I have agreed a price on a house in Cowley. My financial adviser suggested a lawyer. I paid an on account payment of £225. A few days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the Lloyds 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 Lloyds 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.
I require expedited conveyancing in Cowley as I am under pressure to sign on the dotted line within 4 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you have the choice not to have searches carried out although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Cowley the following are examples of what can crop up and therefore impact future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
three months have gone by since my purchase conveyancing in Cowley took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £245,000 and identified one near me in Cowley I like with open areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Cowley for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What is the reason for new build conveyancing in Cowley being more expensive?
Conveyancing in Cowley for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental queries and contractual considerations.