I am 3 weeks into the sale of my flat in Newquay and the EA has just e-mailed to say that the buyers are appointing a new conveyancer. 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 major mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Newquay ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud as the reason for the reduction – 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. Your purchasers are unlikely to have any sway in the decision.
It is is a decade since I acquired my property in Newquay. Conveyancing solicitors have now been appointed on the sale but I am unable to find the title deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by the lender or they may be archived with the solicitor who handled your purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Newquay involves registered property but in the rare situation where your home is not registered it is more tricky but is resolvable.
Various web forums that I have frequented warn that are a common cause of delay in Newquay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Newquay.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Newquay I like with a park and railway links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Newquay suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Taking into account that I am about to part with hundreds of thousands of pounds on 3 bedroom house in Newquay I wish to have a conversation with the lawyer about myconveyancing prior to giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Newquay.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter number. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Newquay should be the figure that you are charged.
In searching the web for the words cheap conveyancing in Newquay it shows results of numerous conveyancersin the vicinity. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The best method of finding the right conveyancer is through a personal testimonial, so ask friends and those you trust who have purchased a property in Newquay or a respected estate agent or financial adviser. Fees for conveyancing in Newquay vary, so it's advisable to request a minimum of four fee estimates from different conveyancers. Dont forget to clarify that the costs are assured not to escalate.