I am nearing exchange of contracts for my house in Houghton Regis and the EA has just called to advise that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to choose for their conveyancing in Houghton Regis ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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 claims that it is being contacted daily by practices 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. The purchasers are unlikely to have any sway in the decision.
We are about to exchange contracts for a ground floor flat in Houghton Regis. We encountered a stumbling block. Our mortgage offer with Bank of Ireland expires on 15/10/2025 but the sellers are suggesting a completion date of 17/10/2025. Is it possible to extend the mortgage expiry date?
The person best placed to address this issue is your solicitors who will assess if he or she is should be discussing with the mortgage broker, vendor’s solicitors, property agents or indeed all three taking into account what has gone on in your conveyancing as of today.
My uncle passed away six months ago and as sole heir and executor I was left the property in Houghton Regis. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
Given you intend to refinance then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
I note that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when acquiring a property in Houghton Regis? or I am told that there is an ancient law that means some house owners living in a parish church boundary will be compelled to pay for repairs to the chancel within the church. Is this applicable for conveyancing in Houghton Regis?
Unless a prior purchase of the house took place after 12 October 2013 you can expect solicitors conducting conveyancing in Houghton Regis to continue to advocate a chancel search and or insurance against a claim.
How does conveyancing in Houghton Regis differ for newly converted properties?
Most buyers of new build premises in Houghton Regis come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Houghton Regis usually acquire 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 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 Houghton Regis or who has acted in the same development.
I am using a search engine for the words on line conveyancing in Houghton Regis it brings up many conveyancersin the vicinity. How do I determine which is the right conveyancer for my move?
The ideal way of choosing the right conveyancer is through a trusted recommendation, so seek the counsel of colleagues and family who have acquired a property in Houghton Regis or a reputable estate agent or financial adviser. Fees for conveyancing in Houghton Regis vary, so it's advisable to obtain at least four fee calculations from different property lawyers. Dont forget to clarify what costs in the quote includes.