I am progressing with the sale of my home in Horsham and the estate agent has just called to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Horsham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 not going to have any sway in the decision.
When does exchange of contracts take place for purchase conveyancing in Horsham and am I required to attend the solicitors branch?
If you are round the corner to our conveyancing solicitors in Horsham you are welcome to come in to sign contracts. However, the firms we recommend supply a countrywide conveyancing service and provide just as detailed and professional a job for you when communicating with you digitally. The signing of the contract is not when everything is set in stone. A signed contract is necessary for the conveyancer to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Horsham)to be in the office available at the end of the phone to exchange contracts.
I am the only beneficiary of my late mum's will with all property in now in my sole name, including the house in Horsham. The Horsham property was put into my name in March. I plan to dispose of the house. I do know about the CML 6 month 'rule', which means that my proprietorship will be treated the same way as though I had purchased the property in March. Do I have to wait half a year to sell?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view banks take of it, depend on the bank as this provision chiefly exists to identify subsales or the wholesaling and assigning of properties.
We had chosen solicitors based in Horsham on the Bank of Ireland solicitor panel. They have just billed me an additional charge for dealing with the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner may levy a fee for this. The charge is not dictated by Bank of Ireland but by your Horsham conveyancing practitioner. Numerous firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee and others do not.
Our offer on a semi in Horsham has been agreed to, but there is a chain. The sellers have offered on a property, but it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a high street conveyancing solicitor in Horsham. What do I do now? At what stage should I apply for the mortgage with Barclays?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then survey, Horsham conveyancing search charges, etc). First, you should ensure that your property lawyer is on the Barclays approved list. Concerning the next phase this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. In a rising market many home buyers would apply for a home loan with Barclays and pay for the valuation and only if it was satisfactory would they request their solicitor to press on with searches.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when acquiring a house in Horsham?
Unless a previous acquisition of the property completed after 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Horsham to continue to recommend a chancel search and or chancel repair liability policy.
The deeds to our house can not be found. The conveyancers who conducted the conveyancing in Horsham 5 years ago have long since closed. Will I be able to sell the house?
You no longer need to hold title original deeds to establish that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
I am purchasing a garden flat in Horsham. Conveyancing lawyer is waiting for, from the owner, building insurance documents. This afternoon I was informed that the seller must send the insurance schedule for the flat above also. Why would my conveyancing practitioner want to see the insurance for the flat above? Is it strictly required? We have been waiting for the last 3 weeks…
It is not unheard of in leasehold conveyancing in Horsham to find Conveyancing in Horsham in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats as opposed to the landlord insuring the complete premises - which is clearly preferable. Do contact your solicitor but it would appear that your property lawyer is attempting to verify that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt due to lack of insurance cover.