I am progressing with the sale of my maisonette in New Invention and the EA has just telephoned to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain lawyers rather the firm that they want to select for their conveyancing in New Invention ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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 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 not going to have any impact on this.
It is a dozen years since I bought my home in New Invention. Conveyancing lawyers have now been appointed on the sale but I am unable to track down the deeds. Will this cause complications?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by the mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in New Invention relates to registered property but in the rare situation where your property is not registered it is more tricky but is resolvable.
We are buying a end of terrace house in New Invention. The intention is to carry out a loft conversion at the house.Will legal investigations on the property involve investigations to see if these works are prohibited?
Your conveyancer should check the registered title as conveyancing in New Invention will sometimes identify restrictions in the title documents which prohibit categories of alterations or require the consent of a 3rd party. Some extensions require local authority planning consent and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be wise to check these issues with a surveyor ahead of any purchase.
We expect to receive a AIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any New Invention solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint New Invention solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
The formalities of my remortgage has taken place for my property in New Invention. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It has been 3 months following my purchase conveyancing in New Invention completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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 straight forward, no chain conveyancing. New Invention is the location of the property. What do you suggest?
Flying freeholds in New Invention are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Invention 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 New Invention 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 residence.
Given that I am about to spend 450k on 3 bedroom house in New Invention I wish to talk to a lawyer about myhouse move prior to appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your conveyancing in New Invention.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in New Invention should be the figure that you end up paying.