I am progressing with the sale of my maisonette in Bury St Edmunds and the EA has just telephoned to advise that the purchasers are changing their solicitor. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Bury St Edmunds ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 claims that it is hearing daily from firms that have been removed from panels. Some 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 purchasers are not going to have any sway in the decision.
Would the conveyancing solicitors indexed on your site carry out right to buy conveyancing in Bury St Edmunds?
We have identified plenty of conveyancing conveyancers carrying out right to buy conveyancing Do contact us in order to obtain a costs illustration.
I am purchasing a property and require a conveyancing solicitor in Bury St Edmunds who is on the Chelsea Building Society conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Bury St Edmunds. We dont recommend any particular firm.
How does conveyancing in Bury St Edmunds differ for newly converted properties?
Most buyers of new build premises in Bury St Edmunds come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Bury St Edmunds tend to acquire 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 property lawyers 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 Bury St Edmunds or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Bury St Edmunds I like with amenity areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Bury St Edmunds suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
My husband and I have agreed a price on a Bury St Edmunds house left to us 8 years ago in 2010. I have over twenty years conveyancing know-how and, although retired, see no reason not to carry out my own legal work. The purchaser's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing as they require the funds to be released via a solicitor's bank account.
Mortgage requirements to lawyers from all CML members specify that If the seller is not legally represented the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether or not they are prepared to proceed.