I am progressing with the sale of my apartment in Burton upon Stather and the estate agent has just telephoned to advise that the purchasers are swapping law firm. The excuse is that the lender will only work with property lawyers on their approved list. Why would a major lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Burton upon Stather ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 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 unlikely to have any impact on this.
The owners of the property we are hoping to buy have appointed a conveyancing practitioner in Burton upon Stather who has recommended a exclusivity contract with a down payment 10k. Is it wise to enter into such agreements?
There are two primary downsides with executing a lock out contract (also referred to as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing work, so in the absence of it needing minimal or no negotiation then it may transpire to be unhelpful. It is not particularly popular amongst Burton upon Stather conveyancing solicitors for this reason. A supplemental issue is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to prevent the owner completing the sale to a third party, so the only remedy open via the contract will be the recovery of wasted charges and, in rare situations, the additional payment of penalties.
Is it correct that all Burton upon Stather CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing panel?
Some major lenders now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Burton upon Stather lawyer on the Santander panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
The formalities of my purchase has taken place for my property in Burton upon Stather. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I require expedited conveyancing in Burton upon Stather as I am under an ultimatum to sign on the dotted line inside 2 weeks. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Burton upon Stather the following are examples of what can arise and therefore affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Road Schemes,...
How does conveyancing in Burton upon Stather differ for new build properties?
Most buyers of new build or newly converted property in Burton upon Stather contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Burton upon Stather 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 conveyancers 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 Burton upon Stather or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Burton upon Stather I like with a park and railway links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Burton upon Stather suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.