I am nearing exchange of contracts for my maisonette in Seaton Delaval and the EA has just text me to say that the buyers are changing their solicitor. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to select for their conveyancing in Seaton Delaval ?
Lenders have always had panels 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 worked with them for many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 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.
My partner and I are purchasing a newly built flat in Seaton Delaval and my solicitor is telling me that she has to the bank to reveal incentives from the developer. I am on a tight deadline to exchange and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The Seaton Delaval conveyancing lawyers that just started acting on my house acquisition in Seaton Delaval have without warning closed. I only went with them because I needed a firm on the Leeds Building Society conveyancing panel and my family Seaton Delaval lawyer was not. I paid them 275 plus VAT on account. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
I have recentlyfound out that Stirling Law have closed. They conducted my conveyancing in Seaton Delaval for a purchase of a freehold house 18 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The quickest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Seaton Delaval conveyancing specialists.
How can the Landlord & Tenant Act 1954 affect my business property in Seaton Delaval and how can your lawyers assist?
The particular law that you refer to provides protection to commercial lessees, giving them the a statutory right to apply to court for a new lease and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Seaton Delaval is one of our many areas of the UK in which the firms we work with are based
My wife and I have had DIP from Chelsea Building Society who indicated we could borrow up to £300k. When do we need to instruct a solicitor for conveyancing? Seaton Delaval is where we plan to move to.
You can appoint a conveyancer now so that the property lawyer can open the file so they can do the AML checks etc. Once you wish them to commence work they will seek a deposit normally approximately £200. That would normally be after you have the mortgage offer and survey results, however should you want to speed the process you can get going quicker even though you may be risking some expense.