I am nearing exchange of contracts for my ground floor flat in Tutbury and the estate agent has just telephoned to say that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to select for their conveyancing in Tutbury ?
Mortgage companies have always had an approved set of law firms that can represent 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 acted for them for decades.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 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 purchasers are unlikely to have any impact on this.
My Solicitor in Tutbury is not listed on the Lloyds TSB Bank Solicitor Panel. Can I still retain my prefered solicitor even though they are excluded from the Lloyds TSB Bank panel?
The limited options open to you here include:
- Carry on with your existing Tutbury lawyers but Lloyds TSB Bank will need to use a conveyancer on their panel. This will inevitably rack up the total legal fees as well as result in frustration.
- Get a new solicitor to act in the conveyancing, obviously checking they are on the Lloyds TSB Bank panel
I require expedited conveyancing in Tutbury as I am faced with a deadline to sign on the dotted line within 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to have searches carried out although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Tutbury the following are instances of what can show up and therefore impact future saleability: Enforcement Actions, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Tutbury is the location of the property. What do you suggest?
Flying freeholds in Tutbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tutbury you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tutbury may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be concerned by 3rd parties that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Tutbury conveyancing practice?
As with many service providers, often suggestions from connections can be extremely useful or valuable. Yet there are numerous parties with a keen interest in a conveyancing deal; estate agents, financial adviser and banks might all put forward conveyancers to retain. On occasion these conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the recommendation. You are at liberty to choose your own lawyer. Don't forget that some banks operate an approved list of solicitors you have to use for the lender aspect of your home move.
My cousin is buying a studio flat in Tutbury. He has received an estimate by the conveyancer suggested by the selling agents totaling £1385 . It was 9 years ago I sold and purchased a property and the bill was £600. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Tutbury searches, land registry fees, etc)