I am one month into the sale of my house in Edgbaston and the estate agent has just e-mailed to warn that the buyers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Edgbaston ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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 buyers are unlikely to have any sway in the decision.
The Edgbaston conveyancing lawyers that just started acting on my house acquisition in Edgbaston have suddenly closed. I chose them because I needed a solicitor on the UBS conveyancing panel and my preferred Edgbaston lawyer was not. I paid them money in advance. What do I do now?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
How can we tell if a Edgbaston conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Edgbaston getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor conducting your transaction.
Clydesdale have agreed my home loan in principle, my offer on a apartment in Edgbaston has been accepted, what are the next steps?
The property agent will need to be informed of your lawyer's details (make sure the conveyancers are on the lender’s panel). Telephone Clydesdale or your broker and finish off any appropriate documentation. Clydesdale will instruct a valuer who will get in touch with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Clydesdale will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Edgbaston.
My sealed bid on a property in Edgbaston has been agreed to, the owners do however have a dependent purchase. The owners have put an offer on somewhere, however it’s not been accepted yet, and are looking at other apartments booked. I have instructed a high street conveyancing solicitor in Edgbaston. What should be my next step? When should I get the mortgage application with UBS going?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of one thousand pounds, then survey, Edgbaston conveyancing search fees, etc). The first thing to do is ensure that your solicitor is on the UBS conveyancing panel. Concerning the subsequent steps this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. In a hot market some purchasers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in Edgbaston.
It has been 2 months since my purchase conveyancing in Edgbaston took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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.
How does conveyancing in Edgbaston differ for new build properties?
Most buyers of new build or newly converted property in Edgbaston approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Edgbaston 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 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 Edgbaston or who has acted in the same development.
Am I better off to instruct a Edgbaston conveyancing practitioner based in the location that I am hoping to buy? I have an old university friend who can handle the legal work but they are based 400miles away.
The primary upside of using a local Edgbaston conveyancing practice is that you can visit the firm to execute documents, hand in your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that must surpass using an unfamiliar Edgbaston conveyancing solicitor solely due to them being local.