I am progressing with the sale of my ground floor flat in Woodlands and the EA has just e-mailed to advise that the buyers are appointing a new law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Woodlands ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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 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. Your purchasers are unlikely to have any impact on this.
My partner and I are buying our first house. The conveyancing practitioner has calledto check if we wish to order extra conveyancing searches. Unfortunately we have no idea as to what's needed for conveyancing in Woodlands
The scope of Woodlands conveyancing searches should be dictated primarily on the property, the location, the likelihood of any of these risks, your knowledge of the area and risks, your general attitude to risk. What is important is that you properly comprehend what information each search could supply. You may then decide if you consider that you need that search. Where you are unsure, ask the lawyer to advise.
It is 10 years ago since I purchased my house in Woodlands. Conveyancing solicitors have recently been retained on the sale but I can't find my title documents. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be retained by the lender or they could still be with the lawyers who acted in your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Woodlands involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
How can we know in advance if a Woodlands conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Woodlands seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer handling your transaction.
My wife and I have organised the release of further funds on our mortgage from Virgin Money as we wish to conduct renovations to our home in Woodlands. Are we obliged to choose a high street Woodlands solicitor on the Virgin Money conveyancing panel to handle the legals?
Virgin Money don't usually instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.
Yorkshire BS have agreed my home loan in principle, my offer on a flat in Woodlands has been accepted, what are the next steps?
Your estate agent will need to be informed of your solicitor's details (make sure the conveyancers are on the lender’s approved list). Telephone Yorkshire BS or your financial adviser and finish off any relevant forms. Yorkshire BS will sellect a valuer who will get in contact with the estate agent or owners to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Yorkshire BS will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Woodlands.
I am buying a new build flat in Woodlands. Conveyancing is a frightening process 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.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Woodlands
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
I am an executor of my recently deceased aunt’s Will, with a property in Woodlands which will be marketed. The bungalow is unregistered at HMLR and I'm advised that some purchasers will insist that it is in place before they'll proceed. What's the mechanism for this?
In the circumstances that you have set out it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.