I am selling my home in Crediton and the EA has just telephoned to say that the purchasers are changing their solicitor. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Crediton ?
UK lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented 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 monitor. Banks tend not to disclose 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.
I sincerely hope you can help me. My Crediton conveyancer is assuring me that she is duty bound toapply for Crediton conveyancing searches resulting from the fact thatthe firm are on the Santanderconveyancing panel. Do I not have any say here?
You have limited options available to you. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Crediton conveyancing searches.
Are there restrictive covenants that are commonly picked up during conveyancing in Crediton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Crediton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Crediton. 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 selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Crediton
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Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are architect prepared.
I opted to have a survey completed on a property in Crediton in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend not grant a mortgage on such a property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Crediton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Crediton to see if the conveyancing costs will increase in light of this.
Should I be concerned about third parties that I am dealing with are suggesting an online conveyancing firm rather than a High Street Crediton conveyancing practice?
As is the case with lots of service providers, often recommendations from connections can be very helpful. Yet there are lots of parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all put forward conveyancers to select. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the endorsement. You are free to choose your preferred conveyancer. Don't forget that the majority of banks have an approved list of solicitors you are obliged to use for the lender related work in your conveyancing.