I am six weeks into the sale of my home in Preston Park and the estate agent has just telephoned to say that the buyers are appointing a new solicitor. The reason given is that the lender will only work with solicitors on their approved list. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Preston Park ?
UK lenders have always had an approved set of law firms that can represent them, 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 acted for them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Your buyers are unlikely to have any impact on this.
We are acquiring our first property. Our conveyancer has contact usto enquire if we want to order supplemental conveyancing searches. We are really unsure what's relevant for conveyancing in Preston Park
The number and type of Preston Park conveyancing searches should be dictated entirely on the property, the location, the possibility of any of these risks, your familiarity of the area and risks, your overall approach to risk. What is important is that you properly understand what information the searches could provide. You may then make a decision if you personally think you need that search. Where you are unsure, ask the solicitor to offer guidance.
It is 10 years ago since I purchased my home in Preston Park. Conveyancing solicitors have just been retained on the sale but I can't track down the title documents. Is this a major issue?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by the lender or they may be in the possession of the conveyancers who oversaw the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Preston Park involves registered property but in the rare situation where your home is not registered it is more tricky but is resolvable.
My bid for a property was accepted at auction in Preston Park. Conveyancing is needed. What happens now?
Now that you are for in every practical sense signed on the dotted line you must hire the services of a conveyancing practitioner soon as you are facing a fast approaching deadline in which to complete the conveyancing. An auction property should have a bespoke auction set of papers. This will likely include evidence of title and search results. In the case of leasehold property the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You must give this to the lawyer working for you as soon as possible. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.
Two weeks ago we had a mortgage agreed in principle with TSB. Preston Park conveyancing lawyers were instructed. How long does it take for TSB to issue the offer to the lawyer?
There is no definitive answer here. Have TSB completed the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Preston Park. I have a mortgage offer with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
Just acquired a semi-detached house in Preston Park , What is the estimated time for the Land Registry to record my proprietorship? My Preston Park conveyancing solicitor works at snail pace, so I want to check the land registry aspects are dealt with.
There is nothing unique about conveyancing in Preston Park registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. Currently in the region of 80% of submission are fully dealt with within two weeks but occasionally there can be longer hold-ups. Historically registration occurs after the purchaser is living at the property thus post completion formalities is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Preston Park is where the house is located. Is there any guidance you can give?
Flying freeholds in Preston Park are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Preston Park you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Preston Park 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 property.