I am in the process of selling my home in Tetbury and the EA has just called to advise that the purchasers are swapping conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Tetbury ?
Banks have always had panels of law firms that can act for them, but in the past 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 decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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 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. The purchasers are not going to have any sway in the decision.
Having sold my house in Tetbury last February but my buyer keeps Skype messaging me to moan that his solicitor is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Following your disposal your lawyer is obliged to deliver the transfer deeds and all supplemental paperwork to the buyer’s lawyers. Where appropriate, your conveyancer should also confirm that the legal charge in favour of the lender has been paid off to the purchasers conveyancers. There are no post completion tasks specific conveyancing in Tetbury.
It has been 4 months following my purchase conveyancing in Tetbury concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Tetbury differ for newly converted properties?
Most buyers of new build property in Tetbury come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Tetbury tend to buy the real estate, 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 Tetbury or who has acted in the same development.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Tetbury. I have discover a web site which looks to be the ideal offering If there is a chance to get all formalities done via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?