I am progressing with the sale of my flat in Bishops Castle and the EA has just e-mailed to warn that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Bishops Castle ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened 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 says it is hearing daily from firms 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 impact on this.
It is is a decade since I acquired my property in Bishops Castle. Conveyancing lawyers have recently been instructed on the sale but I am unable to locate my title deeds. Is this a major issue?
You need not be too concerned. First the deeds may be kept by the mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Bishops Castle involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
A colleague recommended that where I am purchasing in Bishops Castle I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Bishops Castle conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Bishops Castle around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Bishops Castle Education with maps and statistics, Local Amenities and other useful data concerning Bishops Castle.
How does conveyancing in Bishops Castle differ for newly converted properties?
Most buyers of new build residence in Bishops Castle contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Bishops Castle tend to acquire 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 conveyancing solicitors 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 Bishops Castle or who has acted in the same development.
After what feels like an age I have had an offer on an maisonette in Bishops Castle accepted, but there is a chain. The current proprietors have submitted an offer on a property, but it’s not yet tied up, and are looking at other flats booked. I have selected a local conveyancing lawyer in Bishops Castle. What should be my next step? When should I get the mortgage application with Virgin Money started with Virgin Money?
It is standard to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Bishops Castle conveyancing search charges, etc). The first course of action is to ensure that your conveyancer is on the Virgin Money conveyancing panel. Regarding the subsequent phase this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. In a buoyant market many home buyers will apply for the mortgage with Virgin Money and pay for the valuation and only if it was satisfactory would they request their conveyancer to move forward with the conveyancing in Bishops Castle.