I am selling my flat in Sprotbrough and the EA has just e-mailed to warn that the purchasers are changing their law firm. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Sprotbrough ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many 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 keep an eye on. No lender will say 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 buyers are not going to have any sway in the decision.
The sellers of the property we are looking to purchase hired a conveyancing solicitor in Sprotbrough who has recommended a preliminary agreement with a non-refundable deposit two thousand pounds. Are such arrangements recommended for Sprotbrough conveyancing transactions?
There are a couple of main concerns with signing a lock out contract (occasionally referred to as an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not strongly advocated by Sprotbrough conveyancing practitioners for this reason. A further concern is the extent of the remedies available - an aggrieved buyer is not likely to be granted injunctive relief to prevent the owner completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the recovery of wasted charges and, in rare scenarios, the extra payment of damages.
It has been three months since my purchase conveyancing in Sprotbrough concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 property 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.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Sprotbrough I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Sprotbrough for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected 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 could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
How simple is it to change solicitor as I have to choose one who is on the Bank of Ireland conveyancing list. I was using a family conveyancing solicitor in Sprotbrough round the corner but she is not approved by Bank of Ireland
It would be our pleasure to assist you find a conveyancing solicitor in Sprotbrough on the Bank of Ireland panel. Please note that the conveyancers that we on the directory do not pay us commission if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in Sprotbrough. In making use of the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Sprotbrough.
My fiance and I are buying a 2 bedroom apartmentin Sprotbrough with a loan from a lender. We would like to retain our solicitor in Sprotbrough but our bank inform us now that he's not listed on their "panel". We have to appoint from the our bank panel solicitors or stay with our Sprotbrough solicitor and incur the extra costs for one of their panel ones to represent our mortgage company. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Sprotbrough lawyer?
No, not really. The bank mortgage offered to you is subject to conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels, including most conveyancing solicitors in Sprotbrough : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your bank.