I am in the process of selling my flat in Selly Oak and the EA has just called to warn that the buyers are swapping conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Selly Oak ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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 impact on this.
A friend suggested that if I am buying in Selly Oak I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Selly Oak conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Selly Oak around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Selly Oak Education with maps and statistics, Local Amenities and other useful data regarding Selly Oak.
Are there restrictive covenants that are commonly identified as part of conveyancing in Selly Oak?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Selly Oak. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Selly Oak differ for newly converted properties?
Most buyers of new build residence in Selly Oak come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Selly Oak usually acquire 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 property lawyers 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 Selly Oak or who has acted in the same development.
My partner is buying a garden flat in Selly Oak. He was given a quote by the connected to the estate agents totaling £1385 . It was eight years ago I sold and purchased a home and it cost was £450. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Selly Oak searches, land registry fees, etc)