I am nearing exchange of contracts for my ground floor flat in Dunchurch and the EA has just text me to warn that the buyers are switching law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a major mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Dunchurch ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. 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 purchasers are not going to have any sway in the decision.
I am nearing an exchange on a house in Dunchurch and my parents have transferred the ten percent deposit to my solicitor. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The solicitor is legally required to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am helping my aunt sell her property in Dunchurch. Will the conveyancer order the EPC or it is for the owner to see to?
After the abolition of Home Information Packs, energy assessments was maintained a compulsory element of moving property. An energy assessment needs to be to hand before the property is marketed. It is not a task that lawyers normally arrange. If you are instructing a Dunchurch conveyancing lawyer they might be willing to arrange EPC’s due to their contacts with long established Dunchurch providers
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Dunchurch property lawyer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I was told three weeks ago that my mortgage has been agreed to by RBS. Is it usual for RBS to only issue the offer once my solicitor in Dunchurch is approved on their conveyancing panel? RBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The conveyancers who did the conveyancing in Dunchurch 4 years ago have long since closed. What are my next steps?
Gone are the days when you need to have the physical original deeds to evidence that you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Dunchurch is where the house is located. Can you offer any assistance?
Flying freeholds in Dunchurch are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dunchurch you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dunchurch may determine 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.
We're FTB’s - had an offer accepted, but the property agent told us that the vendor will only move forward if we instruct their recommended solicitors as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer accustomed to conveyancing in Dunchurch
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your preferred Dunchurch conveyancing solicitors - not the ones that will earn the negotiator at the agency a referral fee or hit his conveyancing thresholds set by senior management.