I am nearing exchange of contracts for my home in Crewkerne and the EA has just e-mailed to say that the buyers are swapping property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Crewkerne ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase 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 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. Your purchasers are unlikely to have any impact on this.
Do conveyancers ask for money up-front for my conveyancing in Crewkerne?
If you are buying a property in Crewkerne your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the sale price then this will be asked for immediately prior to contracts are exchanged. Any further balance that is due should be sent to your lawyer a couple of days prior to the completion date.
I got the keys to my apartment on 3 August and my personal details is not yet registered. Need I be worried? My conveyancing solicitor in Crewkerne said it would be formalised inside ten days. Are titles in Crewkerne uniquely lengthy to register?
As far as conveyancing in Crewkerne registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can vary depending on who lodges the application, whether it is in order and if the Land registry must send notices to any interested persons or bodies. At present roughly three quarters of submission are completed within 12 days but some can be subject to longer hold-ups. Registration takes place after the new owner has moved in to the property so post completion formalities is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
How does conveyancing in Crewkerne differ for new build properties?
Most buyers of new build property in Crewkerne approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Crewkerne usually purchase the land, 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 conveyancers 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 Crewkerne or who has acted in the same development.
I decided to have a survey completed on a house in Crewkerne before instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some lenders tend not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Crewkerne. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I have agreed a price on a Crewkerne flat left to us 8 years ago in 2011. I have over 15 years conveyancing knowledge and, now retired, intend to conduct my own legal work. The buyer's lawyer has informed me that their Lenders will not allow you to do your own conveyancing insisting the funds to be sent to a solicitor's bank account.
Mortgage instructions to lawyers from all mainstream lenders state that If the vendor is not legally represented the buyer’s lawyers should check whether the lender needs to be told so that a decision can be reached if they are willing to progress.