I am five weeks into the sale of my home in Crewkerne and the EA has just telephoned to warn that the buyers are switching property lawyer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Crewkerne ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened 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 claims that it is hearing daily from firms 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. The buyers are unlikely to have any sway in the decision.
I am the registered owner of a freehold property in Crewkerne but still charged rent, why is this and what is this?
It’s unusual for properties in Crewkerne and has limited impact for conveyancing in Crewkerne but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
The Crewkerne conveyancing firm that I appointed last week on my purchase in Crewkerne have suddenly shut down. I chose them because I needed a firm on the Coventry BS conveyancing panel and my preferred Crewkerne lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Coventry BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I decided to have a survey carried out on a house in Crewkerne prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies tend not issue a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Crewkerne. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm remortgaging my current home to a BTL loan with Yorkshire Building Society and I will use the rest of the raised equity as a down payment on further property. The area we are looking at is Crewkerne. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our search tool on this page to check that the solicitors are on the appropriate lender panels. Having checked that they are your conveyancer should be able to tie up the two transactions but you should talk with you conveyancer and specify your desired outcome and needs.
Why is New Build conveyancing in Crewkerne more costly?
Acquiring a brand new home is significantly distinct from the standard house purchase conveyancing in Crewkerne. Firstly housebuilders ordinarily need contracts to exchange very quickly, the result being a lot of pressure on your conveyancing practitioner to ensure all is in order. In addition new build conveyancing often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank requirements are also more detailed. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.