I am one month into the sale of my house in Loddon and the EA has just e-mailed to warn that the buyers are changing their conveyancer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Loddon ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. 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 impact on this.
I am under pressure from the mortgagee in possession of a property in Loddon to complete within four weeks. What can I do to expedite matters?
In the event that the seller is applying pressure for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will have local relationships and intelligence. It is even conceivable that they would have conducted previoushouses in the same street. You would be best advised to use a Loddon conveyancing solicitor. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Loddon conveyancing transactions are frustrated or jeopardised after discovering a buyer’s conveyancer was not on their banks panel. In many cases this discovery resulted in the transaction being frustrated by an average of 21 days. It is said that this issue impacts in the region of one hundred thousand home moves annually. Many Loddon conveyancing practices can not act for certain banks so do check at the outset.
How does conveyancing in Loddon differ for new build properties?
Most buyers of new build property in Loddon come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Loddon typically 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 used to new build conveyancing in Loddon or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Loddon in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Loddon. Conveyancing will be smoother if you use a solicitor in Loddon especially if they are accustomed to such properties in Loddon.
In scouring the internet for the term on line conveyancing in Loddon it brings up numerous conveyancersin the area. How do I determine which is the suitable property lawyer for the sale of my house?
The best method of choosing a suitable conveyancer is through a personal referral, so enquire of colleagues and relatives who have acquired a property in Loddon or the reputable estate agent or financial adviser. Costs for conveyancing in Loddon differ, so it's sensible to request a minimum of four costs illustrations from varying types of companies. Be sure to seek confirmation what costs in the quote includes.
I happen to be an executor of my recently deceased parent's Will, with a property in Loddon which is to be sold. The bungalow is unregistered at HMLR and I'm advised that many EAs will insist that it is completed before they'll move forward. What's the procedure for this?
In the circumstances you refer to it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.