I am selling my home in Umberleigh and the estate agent has just telephoned to warn that the buyers are changing their property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Umberleigh ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say 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. 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 unlikely to have any sway in the decision.
My partner and I are only a couple days away from an exchange on a house in Umberleigh and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The property lawyer is obliged to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I have been told that property searches are the main cause of stalling in Umberleigh conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Umberleigh.
Just acquired a terraced house in Umberleigh , how long will it take for the Land Registry to register the transfer to my name? My Umberleigh conveyancing solicitor has been very slow, so I want to check that my ownership is registered.
There is nothing unique when it comes to conveyancing in Umberleigh registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. As of today approximately three quarters of submission are completed in less than three weeks but occasionally there can be extensive delays. Historically registration is effected once the purchaser has moved in to the property thus 'speed' is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
How does conveyancing in Umberleigh differ for new build properties?
Most buyers of new build property in Umberleigh approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Umberleigh typically acquire the land, 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 accustomed to new build conveyancing in Umberleigh or who has acted in the same development.
Can a conveyancer remove someone from the title of my property in Umberleigh ?
Extracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a solicitor