I am one month into the sale of my maisonette in Carmel and the estate agent has just telephoned to warn that the purchasers are appointing a new solicitor. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Carmel ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 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 buyers are not going to have any sway in the decision.
We have very brash vendors who has recommended a lock out contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
There are two primary downsides with entering into any lock out agreement (sometimes termed a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could transpire to be a hindrance. It is not promoted amongst Carmel conveyancing practitioners as a result. The other main concern is the extent of the remedies available - a jilted purchaser is extremely unlikely to be issued with an injunction to stop the owner disposing of the property to a third party, so the only remedy available under the agreement will be the recovery of wasted charges and, in limited circumstances, the extra payment of damages.
We just had an offer accepted to purchase with Loughborough BS. I visited a few local firms yet am unable to find a Carmel conveyancing firm on the Loughborough BS panel. Can you assist?
Please do make the most of the search tool on this web page. Pick the building society and type Carmel or your preferred area and you will discover a number of lawyer based in Carmel or nearest you.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Carmel?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Carmel. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My brother has urged me to appoint his conveyancers in Carmel. Should I use them?
No doubt it’s preferable to find a conveyancing practitioner is to have referrals from friends or relatives who have used the solicitor that you are considering.
I am buying a ground floor maisonette in Carmel. Conveyancing lawyer is awaiting, from the owner, building insurance documents. This morning I was informed that the seller needs to send the insurance schedule for the flat above as well. Why does my lawyer want to review the insurance for the other flat? Is it strictly required? We have been in hold for the last fortnight…
It is not impossible in leasehold conveyancing in Carmel to find Conveyancing in Carmel in a minority of cases reveals that the lease obliges the tenant's to insure their individual flats as opposed to the freeholder insuring the complete block - which is definitely preferable. You should clarify with your conveyancer but it would seem that your solicitor is looking to establish that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt for lack of insurance.