I am progressing with the sale of my house in Crewkerne and the EA has just text me to advise that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Crewkerne ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. 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. The purchasers are not going to have any sway in the decision.
Why do I have to pay up front for conveyancing in Crewkerne?
Where you are retaining lawyers for conveyancing in Crewkerne your lawyer will request that you put them with funds to cover the search fees. Normally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the sale price then this should be required shortly prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer a few days prior to the completion date.
Just bought a terraced house in Crewkerne , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Crewkerne conveyancing solicitor works at snail pace, so I want to be certain that my name is registered.
There is nothing unique when it comes to conveyancing in Crewkerne registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. As of today in the region of three quarters of submission are completed within 12 days but occasionally there can be extensive hold-ups. Registration occurs once the purchaser is living at the premises so 'speed' is not typically an essential issue but if there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
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 developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Crewkerne tend to purchase the site, 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 used to new build conveyancing in Crewkerne or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Crewkerne prior to appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies will not give a loan on this type of property.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can check via the relevant bank. 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.
My husband and I are disposing of a Crewkerne house we inherited some years ago in 2010. I have over a decades worth of conveyancing experience and, now retired, see no reason not to conduct the conveyancing. The buyer's lawyer has informed me that their Lenders will not allow you to do your own conveyancing insisting the funds to be transferred to a solicitor's bank account.
Lending instructions to conveyancing practitioners from all mainstream lenders state that If the vendor does not have legal representation the borrower's lawyers should check whether the lender needs to be told so that a decision can be made if they are prepared to progress.