I am progressing with the sale of my flat in Halesworth and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Halesworth ?
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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. Your buyers are unlikely to have any sway in the decision.
Can you clarify what the consequences are if my solicitor is expelled from the Co-operative Solicitor panel ahead of completing my conveyancing in Halesworth?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Have completed on a a semi-detached house in Halesworth , What is the estimated time for the Land Registry to register my ownership? My Halesworth conveyancing solicitor works at snail pace, so I want to be sure that my name is registered.
There is nothing unique when it comes to conveyancing in Halesworth registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether it is in order and whether the Land registry have to notify any third parties. Currently roughly 80% of such applications are fully dealt with within 12 days but occasionally there can be protracted hold-ups. Registration occurs after the new owner has moved in to the premises thus 'speed' is not always an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
I opted to have a survey done on a property in Halesworth before appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Halesworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Halesworth to see if the conveyancing costs will increase in light of this.
How simple is it to use the search app to select a conveyancing solicitor in Halesworth on the panel for my mortgage?
First select a mortgage company such as Halifax, Skipton Building Society or Platform Home Loans Ltd then choose your preferred area a common one being Halesworth. Conveyancing practices in Halesworth and across England and Wales will then be shown.
We are in the process of purchasing a property in Halesworth. Conveyancing is not over but we would like have our purchase price confidential from the likes of Rightmove. How do I make sure this is not disclosed?
The Land Registry are legally required to note price paid information on a register of the title for domestic properties countrywide including properties in Halesworth. The register of title is an open document, so HM Land Registry would be breaching their statutory duty if they did not grant access to the register.
You can make a request of the Land Registry to withhold the amount paid data but the answer would be in the negative.