I am progressing with the sale of my home in Duffield and the EA has just telephoned to warn that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Duffield ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 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. The purchasers are not going to have any sway in the decision.
I happen to be the only beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Duffield. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the house in October. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Most banks would take a practical view as this clause primarily exists to identify subsales or the wholesaling and assigning of property.
Can you point me to a directory of Barclays panel conveyancers in Duffield on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association websites. Very few lenders make their panel listings visible over the internet. Where you are seeking to appoint a Duffield property lawyer on the Barclays please make the most of our tool.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Duffield conveyancing lawyers were selected. How long does it take for Aldermore to send the offer to the lawyer?
There is no definitive answer here. Have Aldermore conducted the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Should my lawyer be asking questions regarding flooding as part of the conveyancing in Duffield.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Duffield. Some people will acquire a property in Duffield, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Duffield. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer may commence a claim for damages stemming from an incorrect response. A purchaser’s lawyers will also carry out an environmental search. This will disclose whether there is a recorded flood risk. If so, more detailed investigations should be made.
Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who did the conveyancing in Duffield 4 years ago no longer exist. What do I do?
You no longer need to have the physical official documentation to evidence that you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Duffield differ for newly converted properties?
Most buyers of new build premises in Duffield contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Duffield usually buy 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 conveyancers 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 Duffield or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Duffield is where the house is located. Can you offer any assistance?
Flying freeholds in Duffield are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Duffield you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Duffield may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.