I am in the process of selling my apartment in Ormskirk and the EA has just text me to warn that the purchasers are changing their law firm. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a leading lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Ormskirk ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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 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 purchasers are unlikely to have any impact on this.
Would the conveyancing lawyers identified via your search tool conduct auction conveyancing in Ormskirk?
We know of a number of auction lawyers we can connect you with those conducting auction conveyancing. Ormskirk is one of the many locations where our lawyers are based.
I purchased a freehold residence in Ormskirk but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Ormskirk and has limited impact for conveyancing in Ormskirk but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
After weeks of negotiation I have agreed a price on a house in Ormskirk. My financial adviser recommended their conveyancers. I paid an on account payment of £175. Shortly after, the solicitor called me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my house. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Clydesdale are being a right pain. The Ormskirk solicitor who is on the Clydesdale conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My sealed bid on a semi in Ormskirk has been agreed to, but there is a chain. The vendors have offered on on an apartment, but it’s not yet tied up, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Ormskirk. What should be my next step? At what point do I apply for the mortgage with Principality?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, Ormskirk conveyancing search charges, etc). First, you should check that your solicitor is on the Principality approved list. Concerning the next steps this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. In a hot market many home buyers would apply for the mortgage with Principality and arrange for the valuation and only if it was satisfactory would they request their conveyancing practitioner to proceed with the conveyancing in Ormskirk.
2 months have elapsed since my purchase conveyancing in Ormskirk completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 property 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.
How does conveyancing in Ormskirk differ for newly converted properties?
Most buyers of new build or newly converted property in Ormskirk contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because developers in Ormskirk typically acquire the real estate, 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 Ormskirk or who has acted in the same development.