I am progressing with the sale of my apartment in Market Harborough and the estate agent has just telephoned to warn that the buyers are switching property lawyer. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Market Harborough ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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. 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. The buyers are unlikely to have any impact on this.
My uncle passed away six months ago and as sole heir and executor I was left the house in Market Harborough. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this allowed?
Given you plan to refinance then Clydesdale will insist on your using a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.
It has been four months since my purchase conveyancing in Market Harborough concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Market Harborough differ for newly converted properties?
Most buyers of new build premises in Market Harborough come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Market Harborough usually acquire the real estate, 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 property lawyers 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 used to new build conveyancing in Market Harborough or who has acted in the same development.
Should I be concerned about brokers that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Market Harborough conveyancing firm?
As with many service providers, often referrals from family and friends can be very helpful. Nevertheless there are lots of people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward conveyancers to choose. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. Don't forget that some lenders specify a panel list of conveyancers you are obliged to use for the lender related work in your home move.
My step-mother purchased her house in Market Harborough Six years past. She has got married, widowed and has recently married again. She wishes to market the house in a few months. I think she will just be need to supply copies of her marriage papers to the property lawyer however she is anxious it could hold up the conveyancing. Should she instruct a lawyer to update the Land Registry details for the property?
You are not required to update the register on the basis that you have the evidence needed to show how the change of name occurred.
Any buyer’s lawyer should check the registered information and require evidence by way of proof of the name change for example marriage certificates.