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Holbrook and Co - Specialists in helping people buy, sell and mortgage property

Have you ever considered why builders are so insistent on a buyer using their nominated Solicitor?

Have you ever considered why builders are so insistent on a buyer using their nominated Solicitor?
Or why companies who offer to buy your property, with no chain and no strings attached, will offer to arrange your legal services- and pay for them?

The recent newbuild leasehold scandal certainly gives some clues. Many newbuild buyers are now saying that they used the builders` nominated Solicitor and were not informed about the covenants in the Lease, the ground rent and the length of the Lease.
They discover, after they have completed their purchase, that there are problems with obtaining consent to extend – and large fees to pay. Many report that they have a ground rent which doubles every 10 years, or a shorter than normal lease term. All these factors, could make the property difficult to sell in the future.
The suspicion is that some Solicitors nominated by builders (not all!) don’t tell buyers about things which may put them off buying the property. In other words, their loyalties lie more with the builder than with their own client.
Similarly, home buying companies target sellers who are desperate for a quick sale. The sellers are pressed to accept a lower than market price offer for a “quicker” transaction, and may also agree to other expenses that they shouldn’t really be paying. If they had instructed their own Conveyancer, they may have had better, unbiased advice, and quite often, if they had reduced their price whilst still on the open market, they would have sold quicker the conventional way, without taking a significant hit.
Always remember, if you choose a Conveyancer to represent you, they will do exactly that. If someone chooses a Conveyancer for you, who are they looking after? You, or the firm that picked them?

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Warrington, Cheshire
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