I am in the process of selling my apartment in Rothwell and the EA has just text me to say that the buyers are switching law firm. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Rothwell ?
Mortgage companies have always had an approved set of law firms that can represent them, 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 worked with them for decades.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 buyers are not going to have any impact on this.
I have given 2 months notice to my current landlord and have to leave my let out flat in Rothwell by the end of next month. Conveyancing for my house purchase has just started. Is it possible to complete in 5 weeks as don't want to have to find temporary accommodation?
The normal practice is not to give notice on a rental unless your lawyer suggests that you should. If you have not already done so, speak to your solicitor and request that they seek the assistance the owners solicitors, try to an acceptable time-line that all parties will look towards
Can I use your services to recommend a Conveyancing solicitor in Rothwell even where I’m not buying or disposing of a house, for example if I intend to buy an office in Rothwell with a mortgage from Clydesdale?
Our search tool is predominantly utilised to locate residential conveyancing solicitors in Rothwell but we have set out at the bottom of this page a few Rothwell commercial conveyancing firms. You will need to make contact with the firm directly to establish if they are also authorised to represent Clydesdale
About to place an offer on a leasehold property in Rothwell. The estate agents advise that it is normal for flats in Rothwell to have less than 75 years left on the lease. I am obtaining a mortgage with Bank of Ireland. Is this going to be acceptable if the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/5/2024 the requirements read as follows :
I have been told that property searches are the primary cause of delay in Rothwell conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Rothwell.
I decided to have a survey completed on a house in Rothwell in advance of instructing lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some banks will refuse to issue a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rothwell. Conveyancing may be slightly more expensive based on your lender's requirements.