I am one month into the sale of my apartment in St Annes and the EA has just text me to advise that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in St Annes ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. 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. Your buyers are not going to have any impact on this.
It is a dozen years since I purchased my house in St Annes. Conveyancing lawyers have recently been retained on the sale but I am unable to track down my deeds. Is this a major issue?
Don’t worry too much. First there is a possibility that the deeds will be retained by your lender or they may be archived with the solicitor who handled the purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in St Annes involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
How does conveyancing in St Annes differ for new build properties?
Most buyers of new build or newly converted property in St Annes come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in St Annes usually buy the land, 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 accustomed to new build conveyancing in St Annes or who has acted in the same development.
My father has recommend that I appoint his conveyancing solicitors in St Annes. Should I choose my own property lawyer?
Much as we are happy to recommend a St Annes conveyancing lawyer the ideal way to find a conveyancing practitioner is to seek guidance from friends or family who have previously instructed the conveyancer you're are thinking of instructing.
My a dozen years ago. He has been married, widowed and is now remarried. He will be marketing the flat in a few months. I believe he will simply be asked to supply copies of his marriage certificates to the conveyancer however he is worried it could hold up the conveyancing. Is it worth updating the Land Registry information for the house?
It is not absolutely necessary to update the title for the property as long as you have the proof needed to show how the name change has come about.
The purchaser’s conveyancer will examine the title information and ask for evidence to establish the name change e.g. marriage certificates.