I am selling my maisonette in Coleshill and the EA has just e-mailed to advise that the purchasers are appointing a new law firm. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Coleshill ?
Lenders 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 Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 impact on this.
I am about to exchange buying a house in Coleshill but as a consequence of wreckage from a small fire at the property I have was able negotiate recompense from the vendor of three thousand pounds in the form of a adjustment in the price. I had intended this to be addressed as part of amending the contract however Nottingham are not allowing this. Why were they informed?
The conveyancing practitioner that is on a Nottingham approved list is duty bound to disclose to Nottingham of any amendments to the purchase price. If you were to refuse your solicitor to report the reduction to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new conveyancing practitioner for your conveyancing in Coleshill.
As someone not used to the Coleshill conveyancing process what is the number one tip you can give me for the house moving process in Coleshill
Not many law firms or advisers will tell you this but conveyancing in Coleshill or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and others involved in the ownership transfer. For instance, the seller, selling agent and on occasion the mortgage company. Selecting a law firm for your conveyancing in Coleshill an important selection as your conveyancer is your adviser, and is the SOLE party in the process whose interest is to look after your legal interests and to protect you.
There is a definite creep of a "blame" culture- someone must be blamed for the process taking so long. You your first instinct should be to trust your lawyer ahead of the other parties when it comes to the legal transfer of property.
How does conveyancing in Coleshill differ for new build properties?
Most buyers of new build premises in Coleshill approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Coleshill usually purchase 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 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 accustomed to new build conveyancing in Coleshill or who has acted in the same development.
I've recently bought a leasehold flat in Coleshill. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Coleshill Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
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It would be a good idea to enquire if the the lease contains any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Coleshill. If you like the flatin Coleshill but your cat is not allowed to move with you then you will be faced hard determination. How much is the yearly maintenance fee and ground rent? How many of the leaseholders are in arrears for their maintenance charge payments?
My father-in-law mentioned that before selecting a conveyancing lawyer they must be approved by your mortgage company. This is my first house move but I have an offer in principle from Birmingham Midhshires and I already have a local conveyancing lawyer in Coleshill lined up. Does Virgin Money require an approved solicitor to be instructed? Does a directory of approved firms even exist so I can pick a conveyancing lawyer in Coleshill?
You should choose a solicitor that is on the Virgin Money panel. The simplest thing to do is call your preferred Coleshill conveyancing solicitor to check if they are on the Virgin Money panel. If they are not on the panel you have a number of choices open to you here:
- Carry on with your preferred Coleshill solicitor but Virgin Money will no doubt appoint a conveyancer on their approved list. This will result in additional cost together with probable interruption.
- Get a fresh solicitor to act in the purchase, not forgetting to check that they are on the Virgin Money conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the lender panel.