I am nearing exchange of contracts for my flat in Totnes and the EA has just called to warn that the purchasers are swapping solicitor. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Totnes ?
UK lenders have always had panels of law firms they are content to work with, but in the last few 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.
Mortgage companies point to the increase in fraud by way of justification for the pruning – 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 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 impact on this.
We are purchasing a house and need a conveyancing solicitor in Totnes who is on the Nationwide solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Totnes.
We wanted to use a conveyancing solicitor in Totnes for our home move. Our financial adviser has since advised us that our mortgage lenders Barclays won't deal with them. Surely this is unduly restrictive?
Banks normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have reduced the amount of solicitor practices they use to act for them. Be aware that Barclays have no responsibility for the quality of advice provided by any member of Barclays Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains differing views about the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that plenty of law firms, including some in or near Totnes only execute a couple conveyances per annum.
Me and my partner are buying a apartment in Totnes. I might seem paranoid but how we can trust a lawyer? At some point we have to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I just bought a house at auction in Totnes. Conveyancing is needed. What is next?
Having exchanged you must choose a conveyancing solicitor soon as you will have a fast approaching deadline in which to complete the transaction. An auction property will ordinarily have an associated auction set of papers. This will include most,if not all of the documents that your solicitor will need. In the case of leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You need to hand this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds in place to complete on the date specified in the contract.
I have instructed a Totnes solicitor having checked that they are on the Skipton conveyancing panel. Does my lawyer arrange the survey of the property?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Totnes surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have todaybeen informed that Arc property Solicitors have closed. They carried out my conveyancing in Totnes for a purchase of a leasehold flat 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can make 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 Totnes conveyancing specialists.
I am hoping to complete next month on a basement flat in Totnes. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Totnes should include some of the following:
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The total extent of the premises. This will be the flat itself but might include a roof area or basement if applicable. Where does the liability rest to repair and maintain the main walls and foundations. It is essential for you to know who is responsible the repair and maintenance of every part of the building Details of the parties to the lease, for example these could be the (you), head lessor, freeholder Setting out your legal entitlements in respect of common areas in the block.For example, does the lease include a right of way over a path or hallways?
Leasehold Conveyancing in Totnes - Examples of Queries Prior to Purchasing
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How many years are left on the lease? How is the lease structured? The best form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the lessees benefit from control and notwithstanding that a managing agent is usually employed if it is larger than a house conversion, the managing agent is directed by the tenants.