I am nearing exchange of contracts for my flat in Castle Bromwich and the EA has just text me to warn that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Castle Bromwich ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – 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 claims that 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. Your buyers are unlikely to have any impact on this.
I am in a contract race with another prospective purchaser for a property in Castle Bromwich. What can be done to expedite the buying process?
In the event that you are under pressure for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will have local relationships and intelligence. It is possible that they could have transacted otherhouses in the same street. Therefore consider using a Castle Bromwich conveyancing lawyer. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that 18% of Castle Bromwich conveyancing transactions are frustrated or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the home move being delayed by as much as 21 days. It is said that this issue impacts approximately one hundred thousand home moves annually. Many Castle Bromwich conveyancing practices can not act for certain banks so do check at the outset.
Finally the sale completed on my house in Castle Bromwich last January yet the purchaser is texting every few hours to say their lawyer is waiting to hear from mine. What should have happened now that I have sold?
Following your disposal your conveyancer is obliged to deliver the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor should also evidence that the mortgage has been paid off to the buyers conveyancers. There is unlikely to be post completion formalities unique to conveyancing in Castle Bromwich.
I am about to put a bid on a leasehold apartment in Castle Bromwich. The property agents tell me that it is normal for flats in Castle Bromwich to have less than 75 years unexpired on the lease. I am getting a loan with Virgin. Is this going to be a problem if the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 25/3/2024 the requirements read as follows :
How easy is it to switch solicitor as I have to select a firm on the Alliance & Leicester conveyancing list. I hired a family conveyancing solicitor in Castle Bromwich five minutes from me but she is not accepted by Alliance & Leicester
It would be our pleasure to assist you find a conveyancing solicitor in Castle Bromwich on the Alliance & Leicester panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Castle Bromwich. In making use of search facility on this website, you can compare fees for conveyancing solicitors in Castle Bromwich and beyond.
We are 17 days into a residential purchase having been referred to conveyancers by the local agent to execute conveyancing in Castle Bromwich. I am not happy. Could you help me find new solicitors?
A conveyancer would need to be very poor to suggest replacing them. Has the mortgage offer been generated? If so you will need to advise them of the replacement solicitor and get the mortgage documents are issued to the new lawyers. Your solicitor ideally needs to be on the mortgage company approved list to avoid added charges and frustration. That should be your starting point. The find a solicitor tool should help you find a bank approved conveyancer for your home move in Castle Bromwich