I am in the process of selling my ground floor flat in Woodley and the EA has just text me to warn that the buyers are switching property lawyer. The reason given is that the bank will only work with solicitors on their approved list. Why would a major mortgage company only work with specific lawyers rather the firm that they want to choose for their conveyancing in Woodley ?
Banks have always had panels of law firms they are willing to work with, but in the last 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.
Banks point to the increase in fraud by way of justification 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 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. Your buyers are unlikely to have any sway in the decision.
The owners of the home we are hoping to buy have appointed a conveyancing solicitor in Woodley who has suggested a exclusivity agreement with a deposit of 5k. Is it wise to enter into such agreements?
There are two main drawbacks with entering into any lock out contract (sometimes known as a no-shop agreement) is that it diverts attention away from moving forward with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it could turn out to be unhelpful. It is not promoted by Woodley conveyancing practitioners for this reason. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to obtain an injunction to stop the vendor selling to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted charges and, in rare scenarios, the additional payment of penalties.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a two bedroom flat in Woodley. Do I receive the keys to the property on the completion date from my conveyancer? If so, I will use a local conveyancing solicitor in Woodley?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be invited to pick up the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
We previously instructed solicitors locally in Woodley on the UBS solicitor approved list. They are now charging me an additional amount for handling the UBS mortgage. Is this an additional conveyancing fee specified by UBS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. The charge is not dictated by UBS but by your Woodley solicitor. Plenty of firms on the UBS panel will charge ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
I have decided to exercise my right to buy my property in Woodley off the council. I have a mortgage agreed with TSB. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
What can a local search tell me concerning the property we're purchasing in Woodley?
Woodley conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example PSG The local search plays an important part in most Woodley conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I have recentlydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Woodley for a purchase of a leasehold flat 18 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Woodley conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Woodley I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Woodley suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.