I am progressing with the sale of my flat in Petersfield and the estate agent has just text me to warn that the purchasers are appointing a new property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Petersfield ?
Lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason for the cull – 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 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 unlikely to have any sway in the decision.
I require conveyancing for an apartment in a relatively new development (five years old) in Petersfield. The vast majority the flats have already been sold. Do I need carry out the conveyancing searches as part of conveyancing in Petersfield?
You would be taking a significant risk in not carrying out Petersfield conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal requirement to have them, but we would seriously advise in the strongest possible terms that your conveyancer conducts them. If time pressures and price are top of your issues you should consider with your lawyer about the options such as lack of search insurance available to you
The Petersfield conveyancing lawyers that just started acting on my house acquisition in Petersfield have suddenly closed. I chose them because I had to have a firm on the Nottingham conveyancing panel and my family Petersfield lawyer was not. I cut them a cheque for £250 in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
How does conveyancing in Petersfield differ for new build properties?
Most buyers of new build or newly converted property in Petersfield approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Petersfield usually purchase 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 accustomed to new build conveyancing in Petersfield or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Petersfield I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Petersfield suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am selling my house. My past solicitors have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in Petersfield if that affects matters.
You should use our search tool to help you find a solicitor for your conveyancing in Petersfield. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.