I am nearing exchange of contracts for my ground floor flat in Oswaldtwistle and the EA has just called to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Oswaldtwistle ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. 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. 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. The purchasers are not going to have any sway in the decision.
What is the first thing I need to know concerning purchase conveyancing in Oswaldtwistle?
You may not hear this from too many lawyers but conveyancing in Oswaldtwistle and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there exists plenty of room for conflict between you and others involved in the ownership transfer. E.g., the seller, property agent and on occasion the bank. Selecting a solicitor for your conveyancing in Oswaldtwistle should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your legal interests and to keep you safe.
There is a distinct increase in the "blame" culture- someone must be at fault for the process taking so long. We recommend that you must always trust your solicitor above the other players in the conveyancing process.
It has been three months following my purchase conveyancing in Oswaldtwistle concluded. I have checked the Land Registry site which shows that I paid £150,000 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 residence 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.
How does conveyancing in Oswaldtwistle differ for new build properties?
Most buyers of new build property in Oswaldtwistle contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Oswaldtwistle usually 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 property lawyers 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 accustomed to new build conveyancing in Oswaldtwistle or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Oswaldtwistle I like with a park and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Oswaldtwistle in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Your search tool is useful but there are many lawyers listed near Oswaldtwistle being on the lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for our bank?
We do not recommend specific Oswaldtwistle firms as the right Oswaldtwistle conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Oswaldtwistle knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..