Am I correct in assuming that the fact that my solicitor in Whetstone is not identified on my lender's conveyancing panel that there is a problem with the quality of his work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Whetstone conveyancing firm and ask them why they are no longer on the approved list for your lender.
We are due to complete on the purchase of a property in Whetstone but as a consequence of wreckage from some water damage at the property I have managed to agree recompense from the owner in the sum of £2k by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but Lloyds are not allowing this. Why were they notified?
The conveyancing practitioner that is on the Lloyds approved list is required to advise Lloyds of any variations to the sale price. If you were to refuse your conveyancer to notify the price change to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new lawyer for your conveyancing in Whetstone.
My property lawyer in Whetstone has never been on on the Coventry Building Society Approved Panel. Can I still use my prefered solicitor even though they are not on the Coventry Building Society panel?
Your options are as follows:
- Carry on with your existing Whetstone solicitors but Coventry Building Society will need to instruct a conveyancer on their panel. This will result in additional total conveyancing fees as well as result in frustration.
- Find a new practitioner to act in the conveyancing, obviously checking they are Persuade your conveyancer to do everything within their powers to join the Coventry Building Society conveyancing panel
4 months have elapsed since my purchase conveyancing in Whetstone concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 premises 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.
How does conveyancing in Whetstone differ for newly converted properties?
Most buyers of new build or newly converted property in Whetstone approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Whetstone typically buy the site, 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 Whetstone or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Whetstone is the location of the property. Can you offer any advice?
Flying freeholds in Whetstone are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Whetstone you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whetstone may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.