I am in the process of selling my maisonette in Coalville and the EA has just text me to advise that the purchasers are switching law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Coalville ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the pruning – 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 being contacted daily by practices that have been removed from panels. Some 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 impact on this.
Can the conveyancing solicitors that you recommend conduct auction conveyancing in Coalville?
We know of a number of auction practitioners we can connect you with those conducting auction conveyancing. Coalville is one of our areas of where our lawyers have offices.
Just had an offer accepted on a new build apartment in Coalville. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Coalville
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Coalville is the location of the property. Can you shed any light on this issue?
Flying freeholds in Coalville are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coalville you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coalville may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I have been pointed in your direction by numerous selling agents in Coalville to locate a solicitor on your site. What’s the financial incentive for Estate Agents to market your services over and above alternative conveyancing organisations?
We refuse to make any referral fee for directing people in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am thinking of appointing a conveyancing solicitor in Coalville for my home move. Is it possible to see a firm’s complaints history with the legal regulator?
You can read documented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training purposes.