I am selling my house in Saltash and the EA has just called to advise that the purchasers are swapping law firm. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Saltash ?
Banks have always had panels 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 represented them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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 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 impact on this.
Is it necessary to pay for insurance to address the risk of chancel repairs when acquiring a house in Saltash?
Unless a prior acquisition of the house completed after 12 October 2013 you can assume that solicitors carrying out conveyancing in Saltash to remain encouraging a chancel search and or insurance against a claim.
I moved into my flat on 13 January and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Saltash expressed confidence that it would be dealt with inside ten days. Are transfers in Saltash uniquely lengthy to register?
As far as conveyancing in Saltash is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether there are errors and if the Land registry need to notify any 3rd persons or bodies. As of today in the region of three quarters of such applications are completed within 12 days but occasionally there can be extensive delays. Registration is effected once the new owner is living at the premises thus an expedited registration is not always primary concern but where there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Saltash differ for new build properties?
Most buyers of new build property in Saltash contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Saltash typically acquire the real estate, 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 conveyancers 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 Saltash or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Saltash ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some banks may refuse to issue a loan on this type of house.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Saltash. Conveyancing may be slightly more expensive based on your lender's requirements.
To what extent are Saltash conveyancing solicitors under an obligation to the Law Society to supply transparent conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Saltash or or elsewhere in the country.