I am 3 weeks into the sale of my flat in Frenchay and the EA has just text me to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Frenchay ?
Lenders have always had panels of law firms that can act for 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 many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 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 purchasers are not going to have any impact on this.
As someone not used to the Frenchay conveyancing process what is the number one tip you can impart concerning the ownership transfer in Frenchay
Not many law firms or advisers will tell you this but conveyancing in Frenchay and elsewhere in Bristol is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the ownership transfer. E.g., the vendor, selling agent and sometimes a bank. Choosing a lawyer for your conveyancing in Frenchay should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose interest is to look after your legal interests and to protect you.
Sometimes a potential adversary may try and convince you that it is in your interests to do things their way. For example, the selling agent may claim to be assisting by suggesting your solicitor is wrong. Or your mortgage broker may tell you to do take action that is against your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My wife and I purchasing a detached bungalow in Frenchay. We would like to convert the garage to a playroom at the house.Will legal conveyancing on the property involve checks to ascertain if these works were previously refused?
Your solicitor will check the registered title as conveyancing in Frenchay will occasionally reveal restrictions in the title deeds which prevent certain alterations or require the consent of another owner. Many extensions require local authority planning permissions and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor ahead of any purchase.
I am the single recipient of my late father’s will with all property in now in my sole name, including the house in Frenchay. The Frenchay property was put into my name in January. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in January. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this clause is principally there to pick up on the purchase and immediately sell or the flipping of properties.
is it true that all Frenchay solicitor practices on the Bank of Ireland conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be overseen by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
It has been four months following my purchase conveyancing in Frenchay completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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.
About to purchase a new build apartment in Frenchay. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Frenchay
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
My solicitors in Frenchay have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.