I am progressing with the sale of my maisonette in Alfriston and the estate agent has just called to say that the purchasers are swapping law firm. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only work with certain solicitors rather the firm that they want to select for their conveyancing in Alfriston ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks attribute this action to a rise in fraud by way of justification for the cull – 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 unlikely to have any sway in the decision.
As someone not used to conveyancing in Alfriston what is your top tip you can give me concerning the ownership transfer in Alfriston
You may not hear this from too many lawyers but conveyancing in Alfriston and elsewhere in East Sussex is an adversarial process. Put another way, when it comes to conveyancing there is lots of room for conflict between you and others involved in the transaction. For example, the seller, selling agent and on occasion the mortgage company. Appointing a solicitor for your conveyancing in Alfriston should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to look after your best interests and to keep you safe.
Every so often a potential adversary may attempt to persuade you that you should follow their advice. For instance, the selling agent may claim to be helping by suggesting your lawyer is wrong. Or your mortgage broker may try to convince you to do something that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Will my conveyancer be raising questions regarding flooding during the conveyancing in Alfriston.
Flooding is a growing risk for conveyancers dealing with homes in Alfriston. Plenty of people will purchase a house in Alfriston, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that can be initiated by the purchaser or by their solicitors which will figure out the risks in Alfriston. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the owner, then a purchaser may bring a claim for damages as a result of such an inaccurate reply. The purchaser’s lawyers will also order an environmental report. This should higlight whether there is a recorded flood risk. If so, additional investigations should be carried out.
How does conveyancing in Alfriston differ for newly converted properties?
Most buyers of new build premises in Alfriston come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Alfriston tend to buy the real estate, 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 accustomed to new build conveyancing in Alfriston or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Alfriston prior to appointing solicitors. I have been advised that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you contact us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Alfriston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Alfriston to see if the conveyancing costs will increase in light of this.
I have been pointed in your direction by a couple of local selling agents in Alfriston to find a solicitor using your seach tool. Is there a financial upside for Estate Agents to promote your services rather than another?
We don’t give any referral fee for directing people our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.