I am 4 weeks into the sale of my maisonette in Ilminster and the EA has just e-mailed to advise that the buyers are swapping conveyancer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Ilminster ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 claims that 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 purchasers are not going to have any impact on this.
What is the first thing I need to know concerning purchase conveyancing in Ilminster?
You may not hear this from too many lawyers but conveyancing in Ilminster and elsewhere in Somerset is an adversarial process. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the legal transfer of property. E.g., the seller, property agent and even potentially the lender. Selecting a lawyer for your conveyancing in Ilminster an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose role it is to look after your legal interests and to keep you safe.
There is a definite creep in the "blame" culture- someone must be blamed for the process being so protracted. We recommend that you must always trust your lawyer ahead of all other parties in the home moving process.
My property lawyer in Ilminster has never been on on the Virgin Money Conveyancing Panel. Is it possible for me to continue with my family solicitor even though they are not on the Virgin Money approved list?
The limited options available to you here include:
- Complete the purchase with your existing Ilminster solicitors but Virgin Money will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as cause frustration.
- Choose an alternative lawyer to to deal with the purchase, remembering to check they are Virgin Money approved.
- Persuade your Virgin Money solicitor to attempt to join the Virgin Money panel
I need some fast conveyancing in Ilminster as I have pressure to sign on the dotted line within one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Ilminster the following are instances of issues that can be revealed and adversely affect future saleability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
I own a renovated Edwardian house in Ilminster. Conveyancing lawyer acted for me and Nottingham Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilminster and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing solicitor who conducted the work.
Is there a distinction between surveying and conveyancing in Ilminster?
Conveyancing - in Ilminster or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the seller to remedy the defects before you move in.