I am progressing with the sale of my maisonette in Fareham and the estate agent has just telephoned to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. Why would a big named lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Fareham ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. 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 hearing daily from firms 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. Your purchasers are unlikely to have any sway in the decision.
We are soon to complete on the purchase of a house in Fareham but as a consequence of damage from the recent storms I have was able negotiate compensation from the seller in the sum of £2k in the form of a deduction in the price. I had intended this to be dealt with as part of amending the contract yet HSBC are not allowing this. Should they have been informed?
The conveyancer being on a HSBC approved list is duty bound to disclose to HSBC of any amendments to the purchase price. If you were to refuse your property lawyer to disclose the reduction to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new lawyer for your conveyancing in Fareham.
We're in Fareham, FTBs buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Fareham differ for newly converted properties?
Most buyers of new build residence in Fareham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Fareham tend to buy the real estate, 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 used to new build conveyancing in Fareham or who has acted in the same development.
I am looking for a flat up to £235,500 and identified one close by in Fareham I like with amenity areas and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Fareham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What is the reason for my conveyancer requiring various items of ID ahead of starting my conveyancing in Fareham?
Fareham conveyancers are required by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have verified the identity of their clients. It is also sometimes a condition of your lender if you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and DOB.