I am selling my apartment in Stoke Gifford and the EA has just text me to say that the purchasers are switching property lawyer. The excuse is that the lender will only engage with property lawyers on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to choose for their conveyancing in Stoke Gifford ?
Banks have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions 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. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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. The buyers are not going to have any sway in the decision.
Having sold my house in Stoke Gifford last July yet the purchaser is texting every few hours to say his solicitor needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your disposal your conveyancer should send the transfer documentation and all additional paperwork to the buyer’s solicitors. Where appropriate, your conveyancer should also send confirmation that the home loan has been paid off to the purchasers solicitors. There is unlikely to be post completion procedures just for conveyancing in Stoke Gifford.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Nationwide Conveyancing panel ahead of completing my conveyancing in Stoke Gifford?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who conducted the conveyancing in Stoke Gifford 4 years ago are no longer around. What are my next steps?
As long as you have a registered title the details of your ownership will be held by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, find your house and get up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
How does conveyancing in Stoke Gifford differ for new build properties?
Most buyers of new build residence in Stoke Gifford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Stoke Gifford typically buy the real estate, 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 conveyancers 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 used to new build conveyancing in Stoke Gifford or who has acted in the same development.
When it comes to my conveyancing in Stoke Gifford should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Stoke Gifford conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.