I am progressing with the sale of my ground floor flat in Dunmow and the EA has just text me to advise that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Dunmow ?
Banks have always had panels of law firms they are content 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 more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – 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 says it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
It is is a decade since I purchased my home in Dunmow. Conveyancing solicitors have recently been retained on the sale but I can't locate my deeds. Is this a problem?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your mortgage company or they could stored with the solicitor who acted in your purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Dunmow involves registered property but in the unlikely event that your home is not registered it is more tricky but is resolvable.
My Conveyancer in Dunmow is not on the Platform Home Loans Ltd Solicitor Panel. Is it possible for me to retain my family solicitor even though they are not on the Platform Home Loans Ltd panel?
Your options are as follows:
- Complete the purchase with your existing Dunmow lawyers but Platform Home Loans Ltd will need to retain a solicitor on their list of acceptable firms. This will result in additional total conveyancing fees as well as cause frustration.
- Get a new solicitor to act in the purchase, remembering to check they are Convince your solicitor to do everything within their powers to join the Platform Home Loans Ltd conveyancing panel
It has been three months following my purchase conveyancing in Dunmow concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Dunmow. I happened to stumble upon a site which appears to be the perfect solution If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Last December I purchased a leasehold flat in Dunmow. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Dunmow Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Who takes charge for maintaining and repairing the block? Does the lease include onerous restrictions? You should be aware if it is no more than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are content with the length of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the premises for a couple of years in order to be legally able to extend the lease.