I am selling my apartment in Woodbridge and the estate agent has just text me to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only work with property lawyers on their approved list. Why would a big named lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Woodbridge ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened 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 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. The buyers are unlikely to have any impact on this.
A colleague advised me that in purchasing a property in Woodbridge there could be various restrictions as to what one can do in terms of external alterations to a property. Is this right?
There are a number of properties in Woodbridge which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Woodbridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We were going to get a DIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Woodbridge solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Woodbridge solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
The mortgage over my property is with Clydesdale for my property in Woodbridge. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel lawyer.
Should my conveyancer be asking questions about flooding as part of the conveyancing in Woodbridge.
The risk of flooding is if increasing concern for lawyers dealing with homes in Woodbridge. There are those who acquire a house in Woodbridge, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Woodbridge. The conventional set of property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to determine whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer could issue a legal claim for losses stemming from an incorrect reply. A buyer’s conveyancers should also order an enviro report. This should higlight if there is any known flood risk. If so, additional inquiries should be initiated.
How does conveyancing in Woodbridge differ for new build properties?
Most buyers of new build property in Woodbridge come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because developers in Woodbridge typically buy the site, 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 conveyancing solicitors 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 Woodbridge or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Woodbridge before retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some lenders tend not grant a loan on such a premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Woodbridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Woodbridge to see if the conveyancing costs will increase in light of this.
I need to instruct a conveyancing practitioner in Woodbridge for my house move. Is it possible to check a solicitor's record with the legal regulator?
Anyone can see presented Solicitor Regulator Association (SRA) determinations resulting from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training reasons.