I am selling my ground floor flat in Shenstone and the EA has just e-mailed to warn that the buyers are switching conveyancer. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Shenstone ?
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 worked with them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 says it is hearing daily from firms 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. The buyers are not going to have any impact on this.
Our Shenstone conveyancer has uncovered a difference between the assumptions in the valuation report and what is revealed within the title deeds. My solicitor says that he must ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My wife and I are selling our house in Shenstone and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers used a factory type conveyancing outfit as opposed to a conveyancing solicitor in Shenstone. Having lived in Shenstone for many years we know of no issue. Do we get in touch with our local Authority to seek confirmation need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Have purchased a a terraced house in Shenstone , how long should it take for the Land Registry to record my ownership? My Shenstone conveyancing solicitor has been painfully slow, so I want to check that my ownership is recorded.
As far as conveyancing in Shenstone is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry communicate with any other parties. Currently in the region of 80% of such applications are fully dealt with within 12 days but occasionally there can be protracted hold-ups. Historically registration takes place after the new owner has moved in to the premises thus post completion formalities is not always top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the input of my in-laws I had a survey completed on a house in Shenstone prior to appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to grant a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shenstone. Conveyancing will be smoother if you use a solicitor in Shenstone especially if they are accustomed to such properties in Shenstone.
I'm remortgaging my primary property to a buy to let loan with Leeds Building Society and intend to use the remaining equity towards a second property. The area we are interested in is Shenstone. Will your conveyancers be able to act for the two mortgage companies and link together the two deals?
Make use of our comparison tool on this site to be sure that the lawyers are approved by both banks. Assuming that they are the conveyancer should be able to tie up the two conveyancing matters but you should talk with you conveyancer and communicate your expectations and needs.