I am nearing exchange of contracts for my home in Templecombe and the estate agent has just text me to advise that the purchasers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Templecombe ?
Lenders have always had an approved set of law firms that can represent them, but in the past 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 over 25 years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Some 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.
I have been told that property searches are the primary cause of obstruction in Templecombe house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Templecombe.
What does commercial conveyancing in Templecombe cover?
Commercial conveyancing in Templecombe covers a wide range of advice, given by qualified solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My father-in-law has recommend that I use his conveyancing solicitors in Templecombe. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to have feedback from friends or family who have actually previously instructed the firm that you are considering.
When it comes to my conveyancing in Templecombe should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Templecombe conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the 's time in submitting the funds this way.