I am 4 weeks into the sale of my apartment in Plymouth and the estate agent has just telephoned to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Plymouth ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 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. Your buyers are unlikely to have any sway in the decision.
When can the exchange of contracts happen for residential conveyancing in Plymouth and do I need to attend the lawyers office?
Where you are near to one of the conveyancing solicitors in Plymouth you are welcome to come in to sign contracts. That being said, the lender approved solicitors we work with provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you electronically. The signing of the contract is not the critical part. Signing on the dotted line is just a prerequisite for the firm to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Plymouth)to be in the office at the appropriate time.
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Plymouth for a purchase of a leasehold flat 9 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Plymouth conveyancing specialists.
How does conveyancing in Plymouth differ for newly converted properties?
Most buyers of new build property in Plymouth come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Plymouth 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 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 Plymouth 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 Plymouth I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Plymouth suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
My husband is buying a leasehold property in Plymouth. Conveyancing estimates are coming in at around £two thousand. Is that reasonable?
The average fee in 2014 for conveyancing in Plymouth was £1,395 excluding SDLT and HM Land Registry charges.