I am one month into the sale of my home in Haddenham and the estate agent has just text me to warn that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to choose for their conveyancing in Haddenham ?
Lenders have always had an approved set of law firms that can act for them, but in the last 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 many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. 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 being contacted daily by practices 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 not going to have any impact on this.
Why is leasehold purchase conveyancing in Haddenham is more expensive?
In short, leasehold conveyancing in Haddenham and elsewhere usually warrants more due diligence compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning serving applicable notices, procuring up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
we are a couple who are buying a newbuild apartment in Haddenham with a mortgage from Virgin Money.We have a Haddenham conveyancing practitioner but Virgin Money informed us he's not on their approved list of firms. We have to appoint a Virgin Money panel firm or keep our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you contains various provisions, one of which will be that solicitors will be on the Virgin Money approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Virgin Money
Various web forums that I have frequented warn that are the number one reason for delay in Haddenham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Haddenham.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Haddenham is the location of the property. Is there any advice you can impart?
Flying freeholds in Haddenham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Haddenham you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Haddenham may ascertain 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.
In surfing the internet for the words conveyancing in Haddenham it brings up numerous conveyancerslocally. How do I determine which is the right conveyancing solicitor for purchase transaction?
The ideal method of seeking a suitable conveyancer is via trusted referral, so enquire of friends and relatives who have bought a property in Haddenham or the reputable estate agent or mortgage broker. Charges for conveyancing in Haddenham vary, so it's a good idea to obtain at least four costs illustrations from different companies. Make sure that you clarify what costs in the quote includes.