I am nearing exchange of contracts for my home in Lansbury and the EA has just e-mailed to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Lansbury ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed 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 as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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 buyers are not going to have any impact on this.
We are acquiring our first house. Our solicitor has contact usto check if we wish to order extra conveyancing searches. We are really unsure what's needed for conveyancing in Lansbury
The extent of Lansbury conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your knowledge of the region and risks, your overall appetite to risk. What matters is that you properly understand what information the searches could supply. Then you can make a decision if you personally think you need that search. Where you are uncertain, ask the conveyancer to recommend.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Lansbury. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Leeds Building Society, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Leeds Building Society will insist on your using a conveyancer on the Leeds Building Society 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 Leeds Building Society 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 Leeds Building Society mortgage is registered as a charge at the Land Registry.
My stepmother advised me that in buying a property in Lansbury there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are anumerous of properties in Lansbury which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Lansbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Lansbury. An unusual aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Lloyds your lawyer must comply with the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Lloyds where a lease fails to satisfy these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Lansbury.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lansbury bank branch on various occasions and was told they are content with the situation and they would lend. My Lansbury conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Various online forums that I have frequented warn that are the primary cause of hinderance in Lansbury house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Lansbury.
We're FTB’s - agreed a price, but the estate agent informed us that the vendor will only proceed if we use the agent's recommended conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Lansbury
It is highly unlikely the vendors are driving this. If they require ‘a quick sale', turning down a motivated purchaser is counter productive. Contact the owners directly and make the point that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Lansbury conveyancing lawyers - as opposed tothose that will give the negotiator at the agency a introducer fee or achieve conveyancing targets pre-set by head office.