I am in the process of selling my home in Tyldesley and the EA has just called to warn that the purchasers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Tyldesley ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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. 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. The purchasers are not going to have any sway in the decision.
I am soon to complete buying a house in Tyldesley but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the owner in the sum of six thousand pounds taking the form of a deduction in the price. I had intended this to be addressed as part of amending the contract yet TSB will not permit this. Why were they informed?
Any conveyancer that is on the TSB approved list is obliged to inform TSB of any changes to the sale price. If you were to refuse your conveyancing practitioner to disclose the reduction to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new conveyancing practitioner for your conveyancing in Tyldesley.
My brother-in-law has suggested I instruct a conveyancing solicitor in Tyldesley. I need to find out if they are on the Coventry Building Society conveyancing panel. Can you advise?
The first thing to do is contact the solicitor and ask them whether they are on the lender panel. Otherwise you can get in touch with Coventry Building Society who may be able to confirm.
Should our solicitor be raising enquiries about flooding during the conveyancing in Tyldesley.
Flooding is a growing risk for lawyers specialising in conveyancing in Tyldesley. Some people will purchase a house in Tyldesley, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a number of searches that may be initiated by the buyer or by their lawyers which will figure out the risks in Tyldesley. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to determine whether the property has historically flooded. If the property has been flooded in past and is not revealed by the seller, then a buyer could issue a claim for damages as a result of such an misleading reply. The buyer’s lawyers may also commission an environmental search. This will disclose if there is any known flood risk. If so, additional inquiries should be initiated.
I have todaybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Tyldesley for a purchase of a freehold house 18 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Tyldesley conveyancing specialists.
I opted to have a survey completed on a house in Tyldesley ahead of appointing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tyldesley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tyldesley to see if the conveyancing will be more expensive.