I am in the process of selling my house in Stockbridge Village and the EA has just called to warn that the purchasers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Stockbridge Village ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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. 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. Your buyers are unlikely to have any sway in the decision.
My partner and I have lately acquired a property in Stockbridge Village. We have since encountered a number of problems with the house which we suspect were omitted in the conveyancing searches. What action can we take? What searches should? have been carried out as part of conveyancing in Stockbridge Village?
The question is not clear as to the nature of the problems and if they are specific to conveyancing in Stockbridge Village. Conveyancing searches and investigations initiated as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, a seller answers a form called a SPIF. If the information turns out to be incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Stockbridge Village.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Stockbridge Village?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have a semi-detached Edwardian property in Stockbridge Village. Conveyancing solicitor acted for me and Yorkshire Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stockbridge Village and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing practitioner who completed the work.
Due to the encouragement of my in-laws I had a survey completed on a property in Stockbridge Village before instructing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders will refuse to give a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stockbridge Village. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stockbridge Village to see if the conveyancing costs will increase in light of this.
Should I go with a Stockbridge Village conveyancing practitioner who is local to the property I am buying? I have an old university friend who can perform the legal work however his firm is located 300miles drive away.
The primary upside of using a high street Stockbridge Village conveyancing firm is that you can attend the office to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Stockbridge Village know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were content that should surpass using an unknown Stockbridge Village conveyancing solicitor just because they are based in the area.