I am progressing with the sale of my maisonette in Higham Wood and the EA has just text me to advise that the buyers are swapping law firm. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Higham Wood ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud as the reason for the cull – 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. Plenty of firms 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 purchasers are not going to have any impact on this.
I am buying a new build flat in Higham Wood. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Higham Wood you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Higham Wood.
I have been told that property searches are the main reason for stalling in Higham Wood conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Higham Wood.
How does conveyancing in Higham Wood differ for newly converted properties?
Most buyers of new build premises in Higham Wood contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Higham Wood usually 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 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 Higham Wood or who has acted in the same development.
What does commercial conveyancing in Higham Wood cover?
Higham Wood conveyancing for business premises covers a wide array of services, given by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I acquired a property in Higham Wood last 16/3/2023 and to date it is still not recorded with HMLR. It was part of a new estate and my conveyancer told me that it can take 12 months to complete the registration formalities. I have contacted the Land Registry directly and they say that the initial application was cancelled due to questions not being addressed in time. Should I be concerned?
Contact your conveyancer - if you are not getting sensible responses, find out about their internal complaints protocol and escalate your concerns to a Complaints Manager. Registrations for Higham Wood conveyancing are not known to be particularly slow.