I am five weeks into the sale of my flat in Oldbury and the EA has just text me to warn that the buyers are changing their law firm. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Oldbury ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past 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 blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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. Plenty of firms 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 purchasers are not going to have any impact on this.
My wife and I are purchasing a property in Oldbury. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to deposit our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I purchasing a end of terrace house in Oldbury. Our aim is to carry out a loft conversion at the house.Will the conveyancing process include checks to determine if these works are permitted?
Your property lawyer will review the registered title as conveyancing in Oldbury can sometimes identify restrictions in the title deeds which prohibit categories of changes or require the consent of another owner. Certain works require local authority planning consent and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor ahead of any purchase.
At last I have had an offer on a maisonette in Oldbury agreed to, the sellers do however have an associated purchase. The vendors have placed an offer on somewhere, but it’s not yet agreed to, and are looking at other properties booked. I have selected a high street conveyancing solicitor in Oldbury. What should be my next step? When do I get the mortgage application with Virgin Money started?
It is normal to have apprehensions 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 £1k, then survey, Oldbury conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the Virgin Money conveyancing panel. As to the subsequent phase this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. During a buoyant market some purchasers will apply for the mortgage with Virgin Money and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with searches.
Just acquired a detached house in Oldbury , how long will it take for the Land Registry to register my title? My Oldbury conveyancing solicitor works at snail pace, so I want to check the registration is dealt with.
As far as conveyancing in Oldbury is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can differ subject to who lodges the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. Currently approximately three quarters of submission are fully addressed within two weeks but occasionally there can be longer hold-ups. Registration is effected after the new owner is living at the property so post completion formalities is not always an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the advice of my in-laws I had a survey completed on a property in Oldbury ahead of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Oldbury. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking for a conveyancing practitioner in Oldbury for my sale. Is it possible to check a solicitor's record with the profession’s regulator?
One may review published Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator sometimes monitor call for training reasons.