I am selling my maisonette in Fulwell and the estate agent has just called to say that the purchasers are swapping conveyancer. The reason given is that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Fulwell ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 unlikely to have any sway in the decision.
The housing market in Fulwell is hotting up. What can be done to quicken up the buying process?
Where you are under a tight deadline to exchange we would recommend that your lawyer is familiar with the area as they will make use of local relationships and know-how. It is even conceivable that they would have conducted otherhomes in the same street. You would be best advised to use a Fulwell conveyancing firm. Second, ensure that the conveyancing firm is on the lender panel. It is said that nearly one in five of Fulwell conveyancing transactions are suspended or derailed after finding out that a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the home move being held up by an average of three weeks. It is said that this issue affects in the region of 100,000 home moves annually. Most Fulwell conveyancing firms can not act for certain banks so do check at the outset.
We are buying a victorian detached house in Fulwell. Our aim is to carry out an extension to the side at the house.Will the conveyancing process involve investigations to ascertain if these alterations are permitted?
Your conveyancer will review the registered title as conveyancing in Fulwell will occasionally identify restrictions in the title documents which prohibit certain changes or need the consent of another owner. Many additions require local authority planning permissions and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Fulwell property lawyer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
After weeks of negotiation I have agreed a price on a house in Fulwell. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £225. A few days later, the property lawyer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Is it necessary to take out insurance to address the risk of chancel repairs when acquiring a house in Fulwell?
Unless a prior acquisition of the premises completed after 12 October 2013 you may assume that solicitors carrying out conveyancing in Fulwell to remain encouraging a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified during conveyancing in Fulwell?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Fulwell. 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 just shy of a 10% deposit on my apartment purchase in Fulwell , but I am anxious go ahead. Do I have options?
One option is to try and accept a lesser deposit. Many sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment