I am selling my flat in Old Stratford and the EA has just text me to advise that the purchasers are swapping solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to select for their conveyancing in Old Stratford ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders 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 oversee. Banks tend not to disclose 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. The buyers are not going to have any sway in the decision.
Our nephew is purchasing a house that has just been built in Old Stratford with a mortgage from Kent Reliance. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Old Stratford?
There are two types of lawyers who can conduct conveyancing in Old Stratford namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the sale or purchase of property. They are both duty bound to perform Old Stratford conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally carried out and that the requisite steps will be correctly attended to.
My stepmother informed me that in buying a property in Old Stratford there may be various restrictions preventing external alterations to the property. Is this right?
There are a number of properties in Old Stratford which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Old Stratford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the single beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Old Stratford. The Old Stratford property was put into my name in October. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be treated the same way as though I had purchased the property in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How sensible a view mortgage companies take of it, depend on the bank as this requirement is primarily there to identify the purchase and immediately sell or the wholesaling and assigning of property.
I have been told that property searches are a common reason for stalling in Old Stratford conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Old Stratford.
Due to the input of my in-laws I had a survey completed on a house in Old Stratford prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend not give a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Old Stratford. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I am about to part with over three hundred thousand on a garden flat in Old Stratford I wish to have a conversation with the conveyancer regarding thetransaction in advance of instructing the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you first talking to the solicitor due to be carrying out your conveyancing in Old Stratford.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Old Stratford should be the figure that you end up paying.