I am nearing exchange of contracts for my apartment in Standish and the EA has just e-mailed to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Standish ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. 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 not going to have any impact on this.
The owners have very brash vendors who has suggested a preliminary agreement with a down payment of 5k. Is it wise to enter into such agreements?
There are two main concerns with signing a lock out agreement (sometimes termed an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it could turn out to be unhelpful. It is not particularly popular by Standish conveyancing lawyers for this reason. A further concern is the extent of the remedies available - a jilted buyer is very unlikely to be granted an injunctive ruling by a court to prohibit the vendor completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of abortive charges and, in restricted situations, the additional payment of penalties.
I am the registered owner of a freehold premises in Standish but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Standish and has limited impact for conveyancing in Standish but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Standish. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Standish?
On the day of completion you do not need to go to the conveyancers office in Standish. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be able to collect the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
Can you help - my lawyer advises that breach of easement insurance is required on my purchase. What is the level of cover for Standish conveyancing?
The appropriate level of breach of easement indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
When it comes to lenders such as Principality, do Standish property lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I used Arc property Solicitors several years ago for my conveyancing in Standish. I now require my file however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Standish of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Am I right to be wary that estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Standish conveyancing firm?
As with many service providers, often recommendations from family and friends can be worth their weight in gold. Yet there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest solicitors to retain. On occasion these solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. Don't forget that many banks specify a panel list of solicitors you must use for the lender aspect of your conveyancing.