I am nearing exchange of contracts for my apartment in Rawdon and the estate agent has just called to warn that the buyers are switching law firm. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Rawdon ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. 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 buyers are not going to have any sway in the decision.
I require conveyancing for a flat in a fairly new development (five years old) in Rawdon. 95% of the appartments have already been sold. Is it really necessary to order local searches for my conveyancing in Rawdon?
Conveyancing Searches are a vital link in the Rawdon conveyancing process. There are numerous search providers who offer Rawdon conveyancing searches, as well direct from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must obtain their information from the local authoritative source.
When can the exchange of contracts occur in domestic conveyancing in Rawdon and am I required to attend the conveyancers branch?
If you are near to our conveyancing solicitors in Rawdon you are invited in to sign the paperwork. However, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you by post or email. The signing of the contract is not the critical part. Signing on the dotted line simply enables the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rawdon)to be in the office available at the end of the phone to exchange contracts.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Rawdon.
Flooding is a growing risk for solicitors specialising in conveyancing in Rawdon. Plenty of people will purchase a property in Rawdon, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that can be carried out by the buyer or by their lawyers which will figure out the risks in Rawdon. The conventional set of completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to determine whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer could commence a legal claim for losses stemming from an misleading answer. The purchaser’s solicitors should also order an environmental search. This should higlight whether there is a recorded flood risk. If so, additional investigations should be made.
three months have gone by following my purchase conveyancing in Rawdon took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Rawdon is where the house is located. Can you shed any light on this issue?
Flying freeholds in Rawdon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rawdon you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rawdon may ascertain 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 residence.