I am selling my home in Edge Hill and the EA has just telephoned to say that the buyers are changing their law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Edge Hill ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 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. Your purchasers are unlikely to have any sway in the decision.
My partner and I are buying a newly constructed apartment in Edge Hill and my lawyer is advising me that she has to the bank to reveal incentives from the builder. I am on a tight deadline to exchange contracts and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Completed the sale of my flat in Edge Hill last November but my buyer keeps telephoning daily complaining that their conveyancer is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your lawyer should send the transfer documentation and all supplemental paperwork to the purchaser's solicitors. If applicable, your conveyancer should also send confirmation that the home loan has been paid off to the purchasers solicitors. There is unlikely to be post completion procedures peculiar conveyancing in Edge Hill.
My uncle passed away six months ago and as sole heir and executor I was left the property in Edge Hill. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
What can a local search tell me concerning the property I am purchasing in Edge Hill?
Edge Hill conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Searchflow The local search is essential in every Edge Hill conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
In my capacity as executor for the estate of my grandfather I am selling a residence in Cardiff but reside in Edge Hill. My lawyer (based 200 kilometers from merequires that I execute a stat dec prior to completion. Can you recommend a conveyancing lawyer in Edge Hill to attest and place their company stamp on the document?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Edge Hill based