I am one month into the sale of my flat in Hitchin and the EA has just text me to advise that the buyers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Hitchin ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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. Plenty of firms 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 impact on this.
I'm the only beneficiary of my late father’s will and I have everything in my name now, including the my former home in Hitchin. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view banks take of it, depend on the bank as this provision is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
Are all Hitchin Conveyancing Quality Solicitors on the Leeds Building Society conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
After months of negotiation I have agreed a price on an apartment in Hitchin. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Shortly after, the lawyer called me sheepishly admitting that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should our solicitor be raising enquiries regarding flooding as part of the conveyancing in Hitchin.
The risk of flooding is if increasing concern for lawyers dealing with homes in Hitchin. Some people will purchase a house in Hitchin, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Hitchin. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover whether the property has ever been flooded. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a buyer could bring a compensation claim as a result of such an incorrect answer. The purchaser’s conveyancers should also carry out an environmental report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be carried out.
Are there restrictive covenants that are commonly identified during conveyancing in Hitchin?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Hitchin. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Hitchin is where the house is located. Can you offer any guidance?
Flying freeholds in Hitchin are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hitchin you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hitchin may decide 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.
How up-to-date is your database of lawyers on the mortgage company conveyancing panel in Hitchin? Do the banks send you an updated list?
Hitchin law firm practices and firms conducting conveyancing in Hitchin themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.