I am nearing exchange of contracts for my flat in Strood and the estate agent has just telephoned to say that the purchasers are appointing a new property lawyer. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Strood ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 not going to have any impact on this.
We are buying a detached bungalow in Strood. The intention is to carry out a loft conversion at the house.Will the conveyancing process involve investigations to ascertain if these works are allowed?
Your conveyancer should review the deeds as conveyancing in Strood can sometimes identify restrictions in the title documents which prohibit certain alterations or need the permission of another owner. Certain extensions call for local authority planning consent and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these things with a surveyor ahead of any purchase.
My conveyancer has informed me that missing deeds insurance is required on my purchase. What is the level of cover for Strood conveyancing?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Virgin Money are being a right pain. The Strood solicitor who is on the Virgin Money conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Strood?
Unless a prior purchase of the property took place post 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Strood to continue to propose a a chancel search and or insurance against a claim.
How does conveyancing in Strood differ for new build properties?
Most buyers of new build property in Strood contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Strood 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 property lawyers 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 Strood or who has acted in the same development.
I have been pointed in your direction by two or three local property agents in Strood to get a quote from a property lawyer on your site. What’s the financial incentive for Estate Agents to offer your lawyers over and above another?
We don’t make any referral fee for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
In my capacity as executor for the will of my grandfather I am disposing of a property in Neath but live in Strood. My lawyer (based 300 miles from merequires that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing lawyer in Strood who can witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Strood based