I am nearing exchange of contracts for my house in Croston and the EA has just text me to warn that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Croston ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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. 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 purchasers are unlikely to have any sway in the decision.
It is is a decade since I acquired my house in Croston. Conveyancing solicitors have now been instructed on the sale but I can't locate the title deeds. Is this a problem?
You need not be too concerned. Firstly there is a chance that the deeds will be with your mortgage company or they could be in the possession of the solicitor who acted in the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Croston involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Croston?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Croston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Croston differ for new build properties?
Most buyers of new build property in Croston come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Croston tend to buy 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 conveyancing solicitors 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 Croston or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Croston is where the house is located. Can you shed any light on this issue?
Flying freeholds in Croston are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Croston you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Croston 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 premises.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Swansea but reside in Croston. My solicitor (based 260 miles from meneeds me to sign a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Croston who can witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are based in Croston