Unfortunately I am unable to travel far from Winscombe. What is the rationale as to why all Winscombe solicitors aren't automatically on all bank panels?
A decade ago most banks had an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the solicitors on your panel. As a result, lenders have subsequently requiredmore information from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies set.
I had intended to instruct a property lawyer in Winscombe for our home move. Our financial adviser informed us that our mortgage lenders Aldermore won't deal with them. Surely this is unduly restrictive?
Banks normally restrict either the type or the volume of conveyancing firms on their panel. A common example of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few banks have decided to limit the amount of firms they allow to act for them. Be aware that Aldermore have no responsibility for the quality of advice provided by any member of Aldermore Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing opinions about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Winscombe only execute one or two conveyances per annum.
We expect to receive a AIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Winscombe solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Winscombe solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I'm spending time looking at flats in Winscombe and I am now considering a potential offer. Is it wise to have a property lawyer on ‘stand by’? I will be getting a mortgage with Kent Reliance.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are taking out a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
I recently had an offer agreed on a house in Winscombe. My mortgage broker pressured me to appoint their lawyer. I paid an advanced payment of £225. Soon after, the property lawyer called me to say that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Winscombe differ for newly converted properties?
Most buyers of new build or newly converted property in Winscombe approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Winscombe typically purchase the site, 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 conveyancers 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 Winscombe or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Winscombe ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks tend refuse to give a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Winscombe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Winscombe to see if the conveyancing costs will increase in light of this.
Should I be wary that brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Winscombe conveyancing company?
As with many service providers, often suggestions from connections can be worth their weight in gold. Yet there are numerous people with a keen interest in a conveyancing matter; estate agents, financial adviser and mortgage companies might all suggest solicitors to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You are free to choose your preferred conveyancer. You need to be aware that most mortgage providers specify a panel list of lawyers you must use for the mortgage related work in your conveyancing.