I am nearing exchange of contracts for my apartment in Whitnash and the EA has just text me to say that the purchasers are changing their law firm. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Whitnash ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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. The buyers are unlikely to have any impact on this.
I am soon to complete buying a property in Whitnash but as a result of wreckage from a small fire at the property I have managed to agree recompense from the seller of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement but Santander are not allowing this. Why were they approached?
Any solicitor that is on the Santander approved list is obliged to advise Santander of any variations to the sale price. If you prohibit your property lawyer to report the price change to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancing practitioner for your conveyancing in Whitnash.
I have been told that property searches are the primary reason for hinderance in Whitnash house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Whitnash.
I used Arc property Solicitors several years ago for my conveyancing in Whitnash. I now require my papers but the law firm is no longer operating. What do I do?
Do call 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 Whitnash of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Whitnash is the location of the property. Is there any guidance you can impart?
Flying freeholds in Whitnash are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Whitnash 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 Whitnash may decide 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 premises.
I have been recommended a conveyancing solicitor in Whitnash. I I would like to check if they are listed on the lender's approved list of lawyers. Could you help?
It’s a good idea phone your lawyer and ask them if they are on the bank's approved list. Alternatively please call us and we can make some checks for you. If they are not on the lender panel we can certainly arrange a quality conveyancing solicitor in Whitnash on the panel for your lender.