I am nearing exchange of contracts for my flat in Harrold and the estate agent has just called to warn that the purchasers are switching property lawyer. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Harrold ?
Mortgage companies have always had an approved set of law firms that can act for them, 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 more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 says it is being contacted daily by practices that have been removed from panels. Some 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. Your purchasers are unlikely to have any sway in the decision.
It is is a decade since I purchased my home in Harrold. Conveyancing lawyers have recently been appointed on the sale but I am unable to track down my title deeds. Is this a problem?
Don’t worry too much. First the deeds may be kept by your mortgage company or they could still be with the lawyers who acted in the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Almost all conveyancing in Harrold relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
I am intent on selling our property in Harrold and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A local conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Harrold. We have lived in Harrold for many years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Harrold differ for new build properties?
Most buyers of new build residence in Harrold approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Harrold usually purchase the site, 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 Harrold or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Harrold is the location of the property. Can you shed any light on this issue?
Flying freeholds in Harrold are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Harrold you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Harrold 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 premises.
How straightforward is it to use the search facility to locate a conveyancing solicitor in Harrold on the approved list for my mortgage?
First pick a bank such as Birmingham Midshires, Leeds Building Society or Godiva Mortgages Ltd then type in your preferred area for instance Harrold. Conveyancing organisations in Harrold and further afield will then be listed.