I am progressing with the sale of my home in Endon and the EA has just called to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Endon ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few 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.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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. 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 buyers are unlikely to have any impact on this.
My fiance and I swapping mortgage lender for our maisonette in Endon with Barclays. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Barclays conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Barclays. This is solely used to protect Barclays if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Barclays had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We note that you have a post code search directory listing law firms on the Co-operative conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Endon?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Endon.
My friend recommended that if I am purchasing in Endon I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Endon conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Endon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Endon.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Endon is the location of the property. What do you suggest?
Flying freeholds in Endon are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Endon you must be sure that your lawyer goes 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 Endon 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 property.
I am a sole trader wishing to take over a lease of an office on a shopping parade. Can you recommend lawyers offering competitive charges for non-domestic conveyancing in Endon for under 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Endon, including the disposal and purchase of businesses as well as simply premises. Whether you are looking to acquire or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right firm. Regarding the charges these will vary based on the structure and nuances of the deal. Please provide us with your details or phone us so that we can furnish you with a detailed commercial conveyancing quote.