I am in the process of selling my apartment in Nottingham and the estate agent has just called to advise that the buyers are switching law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Nottingham ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened 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 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. The buyers are not going to have any impact on this.
We are purchasing a flat and require a conveyancing solicitor in Nottingham who is on the Virgin Money solicitor panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in Nottingham.
What does a local search inform me about the property we're purchasing in Nottingham?
Nottingham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Searchflow The local search plays an important part in most Nottingham conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in Nottingham differ for new build properties?
Most buyers of new build or newly converted property in Nottingham contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Nottingham usually buy the site, 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 accustomed to new build conveyancing in Nottingham or who has acted in the same development.
Am I better off to go with a Nottingham conveyancing lawyer in close proximity to the house I am hoping to buy? We have a good friend who can carry out the legal work however her office is 300miles drive away.
The benefit of a high street Nottingham conveyancing practice is that you can pop in to sign paperwork, present your ID and apply pressure on them where appropriate. Having local Nottingham know how is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were impressed that must outweigh using an unknown Nottingham conveyancing solicitor solely due to them being round the corner.
How and when do I cover the costs of the Stamp Duty Land Tax chargeable for my conveyancing in Nottingham?
Your conveyancing practitioner should fill out a stamp duty return for you during your Nottingham purchase transaction for you to sign. On completion your conveyancer will submit your STL Return Form to the Inland Revenue and - assuming they have the money - settle any tax bill due on your behalf.