I am selling my ground floor flat in Scunthorpe and the EA has just called to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Scunthorpe ?
Banks 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – 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 says it is hearing daily from firms 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 buyers are unlikely to have any impact on this.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Scunthorpe. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/4/2024, the requirements read as follows :
My wife and I are buying a flat in Scunthorpe. I might seem paranoid but how we can trust a conveyancer? At some point we have to deposit our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I just bought a property at auction in Scunthorpe. Conveyancing is needed. What are my next steps?
Having legally committed yourself to purchase you now have to find a conveyancing solicitor quickly as you are facing a pending a drop dead date to complete the property. All auction property will ordinarily have an associated legal pack. This should include evidence of title and search results. If you have purchased leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that your finances are in order to complete on the date specified in the contract.
I happen to be the only beneficiary of my late mum's will and I have everything in my name alone, including the my former home in Scunthorpe. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership will be treated the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Most mortgage companies would take a sensible view as this requirement primarily exists to capture subsales or the quick reselling of properties.
My friend suggested that where I am buying in Scunthorpe I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Scunthorpe conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Scunthorpe 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 details, Local Education with plans and statistics, Local Amenities and other useful data about Scunthorpe.
How does conveyancing in Scunthorpe differ for newly converted properties?
Most buyers of new build or newly converted property in Scunthorpe come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Scunthorpe tend to purchase 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 conveyancing solicitors 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 Scunthorpe or who has acted in the same development.
My partner has suggested that I instruct his conveyancers in Scunthorpe. Should I use them?
No doubt the ideal way to select a conveyancing lawyer is to have recommendations from friends or relatives who have previously instructed the firm you're considering.