I am one month into the sale of my ground floor flat in Mortimer and the estate agent has just text me to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a big named mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Mortimer ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 says it is hearing daily from firms 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.
We wanted to use a property lawyer in Mortimer for our house move. Our financial adviser has since advised us that our mortgage company The Mortgage Works won't deal with them. Surely this is unfair competition?
Mortgage Companies on the whole imposes restrictions either the category or the amount of conveyancing practices on their member panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of solicitor practices they use to act for them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing views about the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Mortimer only execute a couple conveyances a year.
It has been four months since my purchase conveyancing in Mortimer concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Mortimer is the location of the property. What do you suggest?
Flying freeholds in Mortimer are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mortimer you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mortimer may determine 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 premises.
Is it simple use the search tool to locate a conveyancing solicitor in Mortimer on the authorised to act for my lender?
First choose a lender such as Accord Mortgages Ltd, Skipton Building Society or Barclays Direct then choose your preferred area for instance Mortimer. Conveyancing organisations in Mortimer and further afield should be identified.
Is it best to use a Mortimer conveyancing solicitor based in the location that I am buying? I have an old university friend who can deal with the legal formalities but they are based a couple of hundredmiles drive away.
The benefit of a local Mortimer conveyancing firm is that you can drop in to execute paperwork, present your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were content that should outweigh using an unfamiliar Mortimer conveyancing lawyer solely due to them being local.