I am nearing exchange of contracts for my home in Fernhill Heath and the EA has just e-mailed to say that the buyers are appointing a new law firm. The reason given is that the mortgage company will only work with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in Fernhill Heath ?
Banks have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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.
Can conveyancing in Fernhill Heath to be completed inside two weeks?
In a situation where the seller is applying pressure for your conveyancing we would recommend that your conveyancer is familiar with the location as they will benefit local relationships and intelligence. It is possible that they would have transacted previoushomes in the same street. You would be best advised to use a Fernhill Heath conveyancing firm. In addition, ensure that the conveyancing firm is on the member panel. It is said that 18% of Fernhill Heath conveyancing transactions are delayed or derailed after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being delayed by an average of 21 days. It is claimed that this issue affects approximately 100,000 home sales every year. Almost all Fernhill Heath conveyancing firms can not represent certain banks so do check as early as possible.
If you had a top tip for selecting a conveyancing solicitor in Fernhill Heath what would it be?
Do not opt for the cheapest Fernhill Heath conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I happen to be the single recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Fernhill Heath. The Fernhill Heath property was put into my name in January. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership will be treated the same way as if I'd bought the property in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this provision chiefly exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
I have paid off my mortgage with Lloyds. I assume I don't need a Fernhill Heath property lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
What does a local search inform me concerning the property I am purchasing in Fernhill Heath?
Fernhill Heath conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as Searches UK The local search plays a central role in most Fernhill Heath conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search should provide 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 areas.
As co-executor for the estate of my grandmother I am selling a house in Swansea but reside in Fernhill Heath. My conveyancer (approximately 200 miles awayneeds me to execute a stat dec prior to completion. Could you suggest a conveyancing practitioner in Fernhill Heath who can witness this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are based in Fernhill Heath
Our estate agent has suggested using their property lawyer for our conveyancing in Fernhill Heath - won’t it be advisable to just instruct them?
This is not necessarily the case and you are at liberty to opt for whichever lawyer you prefer for your Fernhill Heath conveyancing. A solicitor put forward by a 3rd party adviser may not always be the best solicitor, they may suggest their preferred conveyancing firm who are based far away. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.