I am selling my home in Leicester and the EA has just telephoned to advise that the buyers are switching conveyancer. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Leicester ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions attribute this action to 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 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. 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.
Due to move into my new home in Leicester next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not unique to conveyancing in Leicester.
It has been 4 months since my purchase conveyancing in Leicester concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Leicester I like with open areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Leicester for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Are there any apps to assist me to locate a Leicester law firm on the HSBC Bank conveyancing panel? I drive a motor bike and am prepared to travel upto 25miles to meet the lawyer.
Feel free to make use of the tool on this website. Please choose the lender and your location and you will see a number of Leicester conveyancing lawyers located nearest you. We have listed some Leicester conveyancing firms towards the end of this page and you can ring them to see whether they are on the HSBC Bank member panel
I need to instruct a conveyancing solicitor for some conveyancing in Leicester. I have stumble across a web site which seems to have the ideal offering If it is possible to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?