I am selling my house in Abbots Bromley and the EA has just called to say that the buyers are appointing a new conveyancer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Abbots Bromley ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – 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 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. The purchasers are not going to have any impact on this.
Finally the sale completed on my house in Abbots Bromley last June yet the purchaser is texting me to say his lawyer is waiting to hear from mysolicitor. What are the post completion sale legalities following completion?
Following your sale your lawyer is obliged to send the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the mortgage has been redeemed to the buyers solicitors. There are no post completion tasks unique to conveyancing in Abbots Bromley.
A colleague advised me that if I am purchasing in Abbots Bromley I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Abbots Bromley conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Abbots Bromley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Abbots Bromley Education with maps and statistics, Local Amenities and other useful information concerning Abbots Bromley.
It has been four months following my purchase conveyancing in Abbots Bromley completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Abbots Bromley differ for new build properties?
Most buyers of new build or newly converted property in Abbots Bromley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Abbots Bromley 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 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 Abbots Bromley or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Abbots Bromley is the location of the property. Can you offer any guidance?
Flying freeholds in Abbots Bromley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Abbots Bromley you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Abbots Bromley 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 residence.