I am progressing with the sale of my house in Catterick Garrison and the EA has just called to warn that the purchasers are changing their conveyancer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Catterick Garrison ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – 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 purchasers are unlikely to have any sway in the decision.
I have given 8 weeks notice to my existing landlord and have to be out of my rented property in Catterick Garrison by the end of next month. Conveyancing for my house purchase is underway. Can I complete in 4 weeks as don't want to have to find short term accommodation?
The normal practice is not to serve notice on a rental until your lawyer suggests that you should. If you have not already done so, update to your conveyancer and request that they cajole the sellers solicitors, try to get a realistic time scale from them that all parties will look to achieve
It has been four months since my purchase conveyancing in Catterick Garrison completed. I have checked the Land Registry website which shows that I paid £200,000 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 premises 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.
Due to the advice of my in-laws I had a survey completed on a house in Catterick Garrison in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some lenders will not issue a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Catterick Garrison. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Catterick Garrison to see if the conveyancing costs will increase in light of this.
We're novice buyers - agreed a price, but the property agent informed us that the seller will only move forward if we use the agent's chosen solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer used to conveyancing in Catterick Garrison
It is unlikely the sellers are behind this. If they desire ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Catterick Garrison conveyancing lawyers - not the ones that will provide the negotiator at the agency a commission or achieve conveyancing targets pre-set by senior management.
Our solicitor in Catterick Garrison has uncovered a defect with the lease for the property we are purchasing in Catterick Garrison. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.