I am 3 weeks into the sale of my home in Woodstock and the EA has just e-mailed to warn that the purchasers are swapping solicitor. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Woodstock ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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. 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 not going to have any sway in the decision.
We're in Woodstock, First time buyers purchasing with a mortgage (lender is Santander , and our solicitor is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am downsizing from our property in Woodstock and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Woodstock lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a web based conveyancing practice as opposed to a conveyancing solicitor in Woodstock. We have lived in Woodstock for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Are there restrictive covenants that are commonly picked up as part of conveyancing in Woodstock?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Woodstock. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a flat up to £245,000 and identified one close by in Woodstock I like with a park and station in the vicinity, however it's only got 49 years on the lease. There is not much else in Woodstock for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
If instructed can a conveyancer remove a person from the title of my property in Woodstock ?
Subtracting or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a conveyancing practitioner to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancing practitioner