I am nearing exchange of contracts for my house in Woodbridge and the EA has just telephoned to warn that the purchasers are changing their solicitor. The excuse is that the bank will only work with solicitors on their approved list. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Woodbridge ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 purchasers are not going to have any impact on this.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to instruct a Woodbridge based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel lawyers if you take up the "fee-free" incentive. Call the bank to explore if they make available a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Woodbridge.
The deeds to our property can not be found. The lawyers who did the conveyancing in Woodbridge 4 years ago have long since closed. What are my options?
You no longer need to have the physical original deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
How does conveyancing in Woodbridge differ for new build properties?
Most buyers of new build premises in Woodbridge contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Woodbridge typically purchase 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 property lawyers 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 accustomed to new build conveyancing in Woodbridge or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Woodbridge in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Woodbridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon part with 450k on a house in Woodbridge I wish to talk to a lawyer concerning thetransaction prior to giving the go ahead to the firm. Can this be arranged?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your property ownership legalities in Woodbridge.There is no ‘factory style conveyancing’ - every client is an important person, not a case reference. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Woodbridge should be the figure that you end up paying.