I am 4 weeks into the sale of my apartment in Hanham and the EA has just text me to advise that the buyers are swapping property lawyer. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a big named lender only engage with certain law firms rather the firm that they want to choose for their conveyancing in Hanham ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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. Your buyers are unlikely to have any impact on this.
We are due to exchange on the purchase of a property in Hanham but as a consequence of wreckage from some water damage at the property I have was able negotiate reparation from the seller in the sum of six thousand pounds by way of a reduction in the price. This was going to be addressed as part of a side agreement but UBS are not allowing this. Why were they informed?
Your property lawyer that is on a UBS approved list is duty bound to advise UBS of any amendments to the purchase price. If you were to refuse your conveyancing practitioner to notify the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new conveyancing practitioner for your conveyancing in Hanham.
I am the single beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in Hanham. Conveyancing formalities meant that the Land Registry date was in July. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the property in July. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Some mortgage companies would take a pragmatic view as this requirement primarily exists to capture the purchase and immediately sell or the quick reselling of property.
I recently had an offer agreed on a house in Hanham. My mortgage broker recommended their conveyancers. I paid an advanced payment of £225. A couple of days later, the solicitor called me embarrassingly acknowledging that they were not on the TSB 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 TSB 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.
Our sealed bid on a semi in Hanham has been agreed to, but there is a chain. The sellers have offered on somewhere, however it’s not been accepted yet, and have viewings of other properties booked. I have instructed a nearby conveyancing solicitor in Hanham. What should be my next step? When should I get the mortgage application with Virgin Money started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then valuation, Hanham conveyancing search fees, etc). The first course of action is to ensure that your property lawyer is on the Virgin Money conveyancing panel. Concerning the subsequent stages this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. In a hot market the majority of buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they pay their solicitor to press on with the conveyancing in Hanham.
How does conveyancing in Hanham differ for newly converted properties?
Most buyers of new build premises in Hanham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Hanham typically acquire 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 property lawyers 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 used to new build conveyancing in Hanham or who has acted in the same development.
I need to instruct a conveyancing solicitor for residential conveyancing in Hanham. I have discover a site which appears to be the ideal offering If it is possible to get all formalities done via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
At what stage do I cover the costs of stamp duty due for my Hanham property purchase?
Most conveyancing practitioners will fill out a stamp duty return for you during your Hanham purchase transaction for you to sign. On completion your lawyer will submit the Land Transaction application to the Inland Revenue and - assuming they have the money - discharge any Stamp Duty due on your behalf.