I am selling my home in Cudham and the EA has just telephoned to advise that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Cudham ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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. 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 buyers are unlikely to have any sway in the decision.
I am under pressure from the owner of a property in Cudham to exchange within four weeks. What can I do to accelerate the legal process?
First, If the seller is applying time constraints for your conveyancing we would recommend that your solicitor is familiar with the area as they will make use of local relationships and knowledge. It is even conceivable that they would have transacted previousproperties in the same street. You would be best advised to use a Cudham conveyancing firm. Second, be sure that the lawyer is on the member panel. It is understood that just under twenty per cent of Cudham conveyancing transactions are frustrated or derailed after discovering a purchaser’s solicitor was not on their banks member panel. In many cases this discovery resulted in the conveyancing being delayed by as much as three weeks. It is understood that this issue impacts in the region of 100,000 home sales every year. Most Cudham conveyancing practices can not represent certain mortgage companies so do check as early as possible.
My bid for a property was accepted at auction in Cudham. Conveyancing is needed. What happens now?
Now that you are exchanged you now have to find a conveyancing lawyer soon as you now have a pending deadline in which to complete the purchase. An auction property will ordinarily have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are in order to complete on the on the contractual date .
My aunt advised me that in buying a property in Cudham there may be various restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Cudham which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Cudham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My partner and I are in the throws of viewing houses in Cudham and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a mortgage with RBS.
It would be advisable to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. Given that you are seeking a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
I have been told that property searches are a common cause of delay in Cudham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Cudham.
The deeds to our home are lost. The lawyers who handled the conveyancing in Cudham 5 years ago are no longer around. What are my next steps?
These day there are copies made of almost everything, and your solicitor will be aware exactly where to locate all the appropriate paperwork so you may purchase or dispose of your house without a hitch. Where duplicates are not available, your lawyer can put in place insurance or indemnities protecting you against possible claims on your premises.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Cudham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cudham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cudham you would need to get your solicitor to go 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 Cudham 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.