I am progressing with the sale of my ground floor flat in Edgbaston and the estate agent has just called to say that the buyers are switching property lawyer. The reason given is that the bank will only work with solicitors on their approved list. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Edgbaston ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification 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 claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any impact on this.
My husband and I are purchasing a newly constructed flat in Edgbaston and my lawyer is informing me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have recentlybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Edgbaston for a purchase of a leasehold flat 10 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Edgbaston conveyancing specialists.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Edgbaston is the location of the property. Can you offer any guidance?
Flying freeholds in Edgbaston are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Edgbaston you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edgbaston may ascertain 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 residence.
How straightforward is it to use the search app to choose a conveyancing solicitor in Edgbaston on the approved list for my mortgage?
First select a lender such as HSBC Bank, Chelsea Building Society or Bank of Ireland then choose your location for instance Edgbaston. Conveyancing firms in Edgbaston and beyond will then be shown.
My partner has recommend that I instruct his conveyancing solicitors in Edgbaston. Should I use them?
Much as we are happy to recommend a Edgbaston conveyancing lawyer the ideal way to select a conveyancing practitioner is to have referrals from friends or relatives who have experience in using the conveyancer you're contemplating using.