I am six weeks into the sale of my flat in Sandwich and the EA has just e-mailed to say that the purchasers are switching law firm. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Sandwich ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders justify 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 maintain. 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 not going to have any sway in the decision.
How up to date is your search tool for Sandwich conveyancing solicitors on the Clydesdale conveyancing panel? Do Clydesdale send you an updated list?
Sandwich conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
I am looking to buy a flat and need a conveyancing solicitor in Sandwich who is on the Godiva Mortgages Ltd solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Godiva Mortgages Ltd in certain locations such as Sandwich. We dont recommend any particular firm.
4 months have elapsed following my purchase conveyancing in Sandwich concluded. I have checked the Land Registry site which shows that I paid £175,000 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 asset 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 Sandwich differ for newly converted properties?
Most buyers of new build property in Sandwich contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Sandwich usually purchase 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 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 Sandwich or who has acted in the same development.
I opted to have a survey carried out on a house in Sandwich in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some banks will refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sandwich. Conveyancing may be slightly more expensive based on your lender's requirements.