I am progressing with the sale of my maisonette in West Dean and the EA has just called to warn that the buyers are changing their conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain law firms rather the firm that they want to appoint for their conveyancing in West Dean ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened 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 hearing daily from firms 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 purchasers are not going to have any sway in the decision.
Do the conveyancing lawyers identified via your search tool handle attended exchange conveyancing in West Dean?
There are a few conveyancing specialists who can conduct one day exchanges. Do e-mail us to get a costs illustration and details as to availability.
My Solicitor in West Dean has never been on on the TSB Solicitor Panel. Can I still use my family solicitor notwithstanding that they are not on the TSB list of approved lawyers?
Your options are as follows:
- Carry on with your existing West Dean lawyers but TSB will need to instruct a lawyer on their panel. This will result in additional total legal charges and result in frustration.
- Get an alternative lawyer to to deal with the conveyancing, obviously checking they are TSB approved.
- Try to convince your TSB solicitor to seek to join the TSB panel
4 months have gone by following my purchase conveyancing in West Dean took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in West Dean. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in West Dean
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
I opted to have a survey carried out on a property in West Dean ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies may refuse to issue a loan on such a house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in West Dean. Conveyancing may be slightly more expensive based on your lender's requirements.