I am one month into the sale of my house in Freshwater and the estate agent has just text me to warn that the purchasers are swapping conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Freshwater ?
UK lenders have always had an approved set of law firms that can act for them, but in the last 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 as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 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 buyers are not going to have any impact on this.
My husband and I are approaching an exchange on a property in Freshwater and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can I use your services to locate a Conveyancing solicitor in Freshwater even where I’m not buying or disposing of a house, for example where I wish to acquire an office in Freshwater with a loan from National Westminster Bank?
The service is mainly there to select domestic conveyancing solicitors in Freshwater but we have set out towards the bottom of this page a few Freshwater commercial conveyancing firms. You will need to enquire with the company directly to check if they are also authorised to represent National Westminster Bank
How does conveyancing in Freshwater differ for new build properties?
Most buyers of new build property in Freshwater come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Freshwater tend to buy the land, 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 Freshwater or who has acted in the same development.
What does commercial conveyancing in Freshwater cover?
Commercial conveyancing in Freshwater incorporates a broad array of services, offered by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
A licensed conveyancer handled my conveyancing in Freshwater half a dozen years ago having stored my registration certificates but has since been shut down – What can I do to get hold of them?
Title deeds, as such, no longer exist as the majority of homes in Freshwater are registered digitally at Land Registry. Should you need to prove evidence of proprietorship or are selling or refinancing your property lawyer can obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.