I am 4 weeks into the sale of my house in Castleton and the estate agent has just text me to say that the purchasers are switching property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Castleton ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies 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 being contacted daily by practices 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 buyers are not going to have any impact on this.
Do lenders provide you with an approved list of Castleton conveyancing solicitors? How do you know who is on the Kent Reliance conveyancing panel?
Castleton conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
What does a local search reveal regarding the property we're purchasing in Castleton?
Castleton conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Onsearch The local search is essential in every Castleton conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
How does conveyancing in Castleton differ for new build properties?
Most buyers of new build residence in Castleton contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Castleton usually buy 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 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 used to new build conveyancing in Castleton or who has acted in the same development.
Hoping to buy a property located in Castleton and I am already nervous. I couldn't find anything specific about Castleton. Conveyancing will be needed in due course but do you know about the Castleton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Castleton. In the meantime here are some basic statistics that we found
Why am I unable to complete my conveyancing in Castleton on Good Friday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the purchaser and owner’s property lawyer and at present this can only take place on a working day. It is not possible to complete on a weekend either.