I am selling my ground floor flat in Brown Edge and the estate agent has just called to say that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Brown Edge ?
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 over 25 years.
Banks justify this action to a rise in fraud by way of justification 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. 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 buyers are unlikely to have any impact on this.
My wife and I are purchasing a brand new duplex in Brown Edge and my lawyer is informing me that she has to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I have recently appointed a conveyancing solicitor in Brown Edge. I need to find out if they are accepted on the Coventry Building Society approved list of lawyers. Could you advise?
The first thing you should do is contact the solicitor and ask them whether they can act for the lender. Alternatively you should call Coventry Building Society who may be able to confirm.
2 months have gone by since my purchase conveyancing in Brown Edge concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 property 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 Brown Edge differ for new build properties?
Most buyers of new build premises in Brown Edge contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Brown Edge typically purchase 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 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 used to new build conveyancing in Brown Edge or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one close by in Brown Edge I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Brown Edge suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.