I am in the process of selling my flat in Devon and the estate agent has just text me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a leading lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Devon ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders justify this action to a rise in fraud as the reason 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. Plenty of firms 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. The buyers are not going to have any impact on this.
Completed the sale of my flat in Devon last March yet the purchaser is telephoning me complaining that their lawyer is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your lawyer is committed to send the transfer documentation and all of the paperwork to the buyer’s lawyers. If applicable, your conveyancer must also send confirmation that the legal charge in favour of the lender has been discharged to the buyers solicitors. There is unlikely to be post completion formalities specific conveyancing in Devon.
Various internet forums that I have come across warn that are the primary reason for hinderance in Devon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Devon.
Have purchased a a semi-detached house in Devon , how long will it take for the Land Registry to register the transfer to my name? My Devon conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
As far as conveyancing in Devon registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any interested persons or bodies. As of today in the region of 80% of such applications are fully addressed in less than three weeks but occasionally there can be extensive hold-ups. Registration is effected once the new owner has moved in to the property thus 'speed' is not always primary concern but where there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
How does conveyancing in Devon differ for new build properties?
Most buyers of new build property in Devon approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Devon usually acquire 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 conveyancing solicitors 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 Devon or who has acted in the same development.
I am 14 days into a residential purchase having been referred to a firm by the selling agent to do our conveyancing in Devon. We are not happy. Can you you assist me in finding new solicitors?
A conveyancer would need to be very bad in order to consider diss instructing them. Has the loan offer been issued? In the event that it has you must make them aware of the new contact details and ensure the mortgage documents are re-issued. Your new conveyancer needs to be on the lenders approved list to avoid escalating charges and delays. So that should be your first question of the new conveyancers. Our find a solicitor tool will assist you in finding a lender approved solicitor for your conveyancing in Devon