I am one month into the sale of my ground floor flat in Chilwell and the EA has just called to advise that the buyers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Chilwell ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
Can I be sure that the Chilwell conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Chilwell seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer handling your conveyancing.
I'm spending time looking at apartments in Chilwell and I am now considering a potential offer. Is it too early to have a solicitor in place? I am planning to take a home loan with Leeds Building Society.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are taking out a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Nationwide for my property in Chilwell. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel firm.
I used Arc property Solicitors a few years past for my conveyancing in Chilwell. I now require my file however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Chilwell of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How can the Landlord & Tenant Act 1954 impact my commercial property in Chilwell and how can your lawyers assist?
The 1954 Act affords security of tenure to commercial leaseholders, granting the dueness to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Chilwell is one of the many areas of the UK in which the firms we work with are based
Am I better off to instruct a Chilwell conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can carry out the conveyancing however his firm is located 300kilometers drive away.
The primary upside of using a high street Chilwell conveyancing practice is that you can attend the office to sign paperwork, hand in your ID and apply pressure on them where appropriate. Having local Chilwell know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and they were impressed that should trump using an unfamiliar Chilwell conveyancing solicitor solely due to them being based in the area.
Our bank agreed in principle to grant us a mortgage. We have retained a local conveyancer in Chilwell yesterday. A couple of hours ago, our broker contacted us saying that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the lender had some control over our choice Is this allowed?
You are permitted to use any lawyer you want to instruct for your conveyancing in Chilwell however if they are not on the your bank's approved list you must incur an extra fee so the bank can appoint their own conveyancer too. It may be possible your solicitor may apply to get included on to the mortgage company panel. You can use web-based tools including lenderpanel.com to find a conveyancing solcitor in Chilwell on the lender panel. You can go into your high street bank branch in Chilwell. They can recommend conveyancing solicitors in Chilwell on the approved list.