I am in the process of selling my flat in March and the EA has just called to warn that the buyers are changing their property lawyer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in March ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.
If you had a top tip for selecting a conveyancing solicitor in March what would it be?
It would be unwise to be swayed by the lowest March conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Can you point me to a directory of Principality panel solicitors in March on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few banks make their panel listings viewable online. Where you are in need of a March conveyancing practitioner on the Principality please make the most of our facility.
Can I be sure that the March conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in March obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your transaction.
Are there restrictive covenants that are commonly picked up during conveyancing in March?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in March. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in March differ for newly converted properties?
Most buyers of new build property in March contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in March usually purchase the land, 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 March or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one near me in March I like with amenity areas and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in March suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may 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 about this matter.
I am in the process of buying my first home in March. Conveyancing solicitor has been appointed. The financial consultant pointed out that a survey is not needed as the house was only built in 2001.
At the very least you should have a Home Buyer's Report. Given the residence is over 10 years old the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be sufficient. They will highlight any apparent problems and suggest additional investigation if appropriate. If there are any indications of material issues seek a comprehensive Building Survey from the beginning.