I am selling my ground floor flat in Brough and the estate agent has just telephoned to warn that the buyers are switching law firm. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Brough ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 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 purchasers are unlikely to have any impact on this.
I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Brough with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What is your number one tip for choosing a conveyancing solicitor in Brough
Do not opt for the lowest Brough conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
When it comes to lenders such as Aldermore, do Brough property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Our sealed bid on a house in Brough has been accepted, but there is a chain. The sellers have placed an offer on somewhere, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Brough. What do I do now? At what stage do I apply for the mortgage with Virgin Money?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Brough conveyancing search fees, etc). First, you should check that your property lawyer is on the Virgin Money approved list. Concerning the next steps this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. During a buoyant market some home buyers would apply for a home loan with Virgin Money and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with searches.
I need some expedited conveyancing in Brough as I have a deadline to exchange contracts in less than one month. Luckily I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a home loan you are at liberty not to have searches carried out although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Brough the following are instances of issues that can arise and adversely affect market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
Am I right to be suspicious that brokers that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Brough conveyancing firm?
As with lots of professional services, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and banks may recommend lawyers to retain. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are free to select your preferred lawyer. You need to be aware that many banks operate an approved list of lawyers you have to use for the mortgage related work in your transaction.
I have recently realised that I have 68 years unexpired on my flat in Brough. I need to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have done all that could be expected to find the landlord. In some cases an enquiry agent may be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Brough.
Brough Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Can you inform me if there are any major works anticipated that will increase the maintenance costs? What is the the remaining lease term?