I am getting a offer of a home loan from Lloyds. My intention is to enlist the help of a Licensed Conveyancer in Oswestry. Does the Lloyds Conveyancing panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I had intended to instruct a conveyancing solicitor in Oswestry for our house purchase. Our financial adviser informed us that our mortgage company Virgin Money won't deal with them. Surely this is unfair competition?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Oswestry conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and their employees as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Oswestry conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Oswestry is amongst the many areas where the conveyancers we recommend are are approved Virgin Money.
four months have elapsed following my purchase conveyancing in Oswestry completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 Oswestry differ for new build properties?
Most buyers of new build residence in Oswestry contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Oswestry tend to 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 used to new build conveyancing in Oswestry or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Oswestry is where the house is located. Can you offer any guidance?
Flying freeholds in Oswestry are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Oswestry you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oswestry may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Should I be suspicious about brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Oswestry conveyancing practice?
As with lots of service providers, often recommendations from relatives can be most helpful. But there are numerous parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may suggest solicitors to use. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the right to appoint your own lawyer. Don't forget that some mortgage providers specify a panel list of conveyancers you must use for the lender aspect of your conveyancing.