I am progressing with the sale of my apartment in Loxford and the EA has just text me to warn that the buyers are changing their law firm. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Loxford ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 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. The buyers are unlikely to have any impact on this.
Due to move into my new home in Loxford next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not limited to conveyancing in Loxford.
What happens if my lawyer’s firm is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Loxford?
First, 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 for a fee.
Me and my brother purchased a terraced Edwardian house in Loxford. Conveyancing solicitor acted for me and TSB. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the matching property. Is it worth asking TSB to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Loxford and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Loxford differ for new build properties?
Most buyers of new build property in Loxford approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Loxford tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Loxford or who has acted in the same development.
My mum and dad are unable to locate their Loxford property on the HMLR site. They recall that fifty years ago when they acquired the house there were complications regarding Loxford not being recognised in some systems.
Nearly all residences in Loxford should appear. Have you attempted a search to simply the postcode. Ordinarily it will identify all the premises inside the postcode. Assuming the property is recorded it will show up with a title number. Where they bought back in the 60’s it's conceivable it may be not yet registered. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title papers which might be with your parent’s bank.