I am nearing exchange of contracts for my flat in Market Deeping and the estate agent has just e-mailed to warn that the buyers are switching property lawyer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Market Deeping ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks justify this action to 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 disclose 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 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 unlikely to have any impact on this.
We are buying our first house. The conveyancer has e-mailedto ask if we wish to take out extra conveyancing searches. As novices we are clueless as to what's needed for conveyancing in Market Deeping
The scope of Market Deeping conveyancing searches should be triggered based primarily on the premises, the location, the probability of any of these risks, your familiarity of the region and risks, your overall approach to risk. What is important is that you properly comprehend what information the searches could give you. You may then decide if you personally think you need that search. Where you are unclear, ask your solicitor to explain.
Why do I have to pay up front for conveyancing in Market Deeping?
If you are buying a property in Market Deeping your lawyer will request that you put them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the purchase price then this should be needed immediately in advance of contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
We're in Market Deeping, First time buyers buying with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I appreciate that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a house in Market Deeping? or I am told that there is a law dating back centuries that could mean that owners of property living in a parish church boundary will be compelled to pay for repairs to the chancel within the church. Is this appropriate for conveyancing in Market Deeping?
Unless a prior purchase of the premises took place post 12 October 2013 you may take it that lawyers handling conveyancing in Market Deeping to remain recommending a chancel search and or chancel repair liability policy.
The deeds to our property are lost. The lawyers who conducted the conveyancing in Market Deeping 10 years ago are no longer around. What do I do?
Nowadays there are copies made of almost everything, and your conveyancer will be aware exactly where to look for all the relevant paperwork so you can purchase or dispose of your property without a hitch. If copies can’t be located, your solicitor can put in place insurance or indemnities against future claims on your property.