I am progressing with the sale of my house in Rayleigh and the estate agent has just e-mailed to advise that the purchasers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. On what basis would a big named mortgage company only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Rayleigh ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are unlikely to have any sway in the decision.
It is 10 years ago since I acquired my house in Rayleigh. Conveyancing lawyers have now been retained on the sale but I can't locate my title documents. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the lender or they may be in the possession of the solicitor who oversaw your purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Rayleigh involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
A relative advised me that where I am buying in Rayleigh I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Rayleigh conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Rayleigh around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Rayleigh.
How does conveyancing in Rayleigh differ for new build properties?
Most buyers of new build or newly converted property in Rayleigh approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Rayleigh usually acquire 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 conveyancing solicitors 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 Rayleigh or who has acted in the same development.
I decided to have a survey done on a house in Rayleigh before appointing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies may refuse to grant a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rayleigh. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be concerned that 3rd parties that I am dealing with are recommending a national conveyancing firm as opposed to a local Rayleigh conveyancing company?
As with lots of service providers, often recommendations from family and friends can be extremely useful or valuable. Yet there are many players in a conveyancing matter; estate agents, financial adviser and banks may suggest solicitors to retain. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You are at liberty to choose your own lawyer. However, bear in mind that many banks have an approved list of solicitors you must use for the lender aspect of your home move.