I am nearing exchange of contracts for my apartment in Aldwych and the EA has just e-mailed to advise that the buyers are appointing a new conveyancer. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Aldwych ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 purchasers are unlikely to have any sway in the decision.
Is there a reason why leasehold purchase conveyancing in Aldwych costs more?
Aldwych leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering remortgaging my property in Aldwych, does my lawyer need to be on the Coventry BS Conveyancing panel?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
We are downsizing from our property in Aldwych and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Aldwych conveyancer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing outfit rather than a conveyancing solicitor in Aldwych. We have lived in Aldwych for 4 years we know that this is a non issue. Do we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
three months have elapsed following my purchase conveyancing in Aldwych completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Aldwych is the location of the property. Is there any advice you can give?
Flying freeholds in Aldwych are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aldwych you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aldwych may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.