I am progressing with the sale of my house in Bosham and the estate agent has just called to advise that the buyers are changing their property lawyer. The reason given is that the lender will only engage with property lawyers on their approved list. Why would a leading lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Bosham ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed 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 hearing daily from firms 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. Your purchasers are not going to have any sway in the decision.
What is the difference between a licensed conveyancer and conveyancing solicitor in Bosham
There are two types of lawyers who can perform conveyancing in Bosham namely CLC regulated conveyancers or solicitors. The two can administer conveyancing services that you need to complete the disposal or purchase of property. Both are required to conduct Bosham conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally administered and that all requisite procedures will be appropriately followed.
My partner and I are at the point of viewing houses in Bosham and I am now considering a potential offer. Should I already have a solicitor in place at this point? I intend to finance via a home loan with RBS.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are obtaining a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
I recently had an offer agreed on an apartment in Bosham. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £175. A couple of days later, the conveyancer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been three months following my purchase conveyancing in Bosham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 asset 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.
Just had an offer accepted on a new build apartment in Bosham. 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 conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Bosham
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Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. 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?
Do I need to be wary about 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a High Street Bosham conveyancing company?
As with many professional services, often recommendations from connections can be extremely useful or valuable. Yet there are many players in a conveyancing deal; estate agents, financial adviser and banks may recommend solicitors to appoint. Sometimes the lawyers might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the discretion to choose your own lawyer. However, bear in mind that some banks specify a panel list of law firms you have to use for the lender aspect of your conveyancing.
Why do Bosham conveyancing fees differ for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control