I am selling my apartment in Alfriston and the estate agent has just e-mailed to advise that the buyers are switching property lawyer. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a leading mortgage company only work with specific law firms rather the firm that they want to select to handle their conveyancing in Alfriston ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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. The purchasers are not going to have any sway in the decision.
As someone unfamiliar with conveyancing in Alfriston what’s the number one tip you can give me for the legal transfer of property in Alfriston
Not many law firms shout this from the rooftops but conveyancing in Alfriston or throughout England and Wales is an adversarial process. In other words, when it comes to conveyancing there is plenty of room for friction between you and other parties involved in the transaction. For instance, the vendor, property agent and even potentially your bank. Appointing a lawyer for your conveyancing in Alfriston an important selection as your conveyancer is your adviser, and is the ONE person in the legal process whose role it is to protect your legal interests and to keep you safe.
On occasion a potential adversary may try and persuade you that you should follow their advice. For instance, the estate agent may claim to be helping by suggesting your solicitor is slow. Or your financial adviser may tell you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties in the home moving process.
Should our lawyer be asking questions about flooding during the conveyancing in Alfriston.
Flooding is a growing risk for lawyers dealing with homes in Alfriston. There are those who acquire a property in Alfriston, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Alfriston. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to determine whether the property has ever been flooded. In the event that the residence has been flooded in past and is not revealed by the vendor, then a buyer may bring a claim for damages resulting from an inaccurate response. The buyer’s solicitors will also carry out an enviro report. This will reveal whether there is a recorded flood risk. If so, further investigations will need to be carried out.
How does conveyancing in Alfriston differ for newly converted properties?
Most buyers of new build residence in Alfriston contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Alfriston tend to purchase 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 property lawyers 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.
I opted to have a survey completed on a house in Alfriston before retaining lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies will refuse to grant a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist 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 was pointed in your direction by a number of selling agents in Alfriston to select a property lawyer on your site. Is there a financial advantage for Estate Agents to promote your site ahead of another?
We don’t give any referral fee for sending work our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.