I am selling my flat in Bridgnorth and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Bridgnorth ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been narrowed 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 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.
My partner and I are intent on selling our home in Bridgnorth and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed an internet conveyancing firm as opposed to a conveyancing solicitor in Bridgnorth. We have lived in Bridgnorth for many years we know of no issue. Should we contact our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to 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 life insurance to cover that same ailment)
How does conveyancing in Bridgnorth differ for newly converted properties?
Most buyers of new build or newly converted property in Bridgnorth come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Bridgnorth typically purchase 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 conveyancers 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 Bridgnorth or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Bridgnorth prior to instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to issue a loan on this type of house.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bridgnorth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bridgnorth to see if the conveyancing costs will increase in light of this.
Is it true that a Bridgnorth conveyancing company got sued by clients for failing to conduct the right conveyancing investigations?
Our attention has not be brought to such a Bridgnorth conveyancing matter but it has been reported that, clients acquiring a property in Cumbria successfully sued their conveyancing practitioner due to development permission to erect a wind farm not being identified in conveyancing searches.
Where you are buying in Bridgnorth It is important that your solicitor purchase all Bridgnorth conveyancing searches necessary making sure that you have relevant and current information ahead of acquiring a property.