I am nearing exchange of contracts for my house in Adlington and the estate agent has just telephoned to warn that the purchasers are swapping property lawyer. The excuse is that the lender will only work with solicitors on their approved list. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to select for their conveyancing in Adlington ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – 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 being contacted daily by practices that have been removed from panels. Some 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. Your purchasers are not going to have any sway in the decision.
The sellers of the home we are looking to purchase have instructed a conveyancing solicitor in Adlington who has insisted on a lock out agreement with a deposit of 5k. Are such contracts appropriate for Adlington conveyancing transactions?
This type of arrangement is unusual in Adlington, conveyancers are often found to direct clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the owner has executed a lock out contract they will sell to you. They may be in contravention of the agreement if they are offered sufficient offer to do so because an aggrieved party with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and this may not compare to the financial upside that your seller may secure by reneging on the agreement, however morally condemnable it undoubtedly is.
Forgive me if this question is silly but I am new to the house moving as a 1st time purchaser of a ground floor flat in Adlington. Do I receive the keys to the property on the completion date from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Adlington?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to receive the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
We have a mortgage agreed in principle with RBS. Adlington conveyancing lawyers are chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS conducted the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Planning on purchasing a flat in Adlington. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Adlington solicitor is on the HSBC conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Adlington. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Adlington
-
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am looking for a conveyancing solicitor in Adlington for my remortgage. Is it possible to review a solicitor's record with the legal regulator?
You may search for documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA may monitor telephone calls for training reasons.
Should I be worried if there is an issue with one of the searches for our conveyancing in Adlington?
Ordinarily, most problems that arise in Adlington conveyancing search responses can be handled before completion or title insurance could possibly be obtained. You need to remember that although you intend on buying the premises and might be content to live with the search results, your lender may not, and when all said and done the decision rests with them.