I am nearing exchange of contracts for my home in Chopwell and the EA has just e-mailed to say that the buyers are switching law firm. The excuse is that the bank will only deal with solicitors on their approved list. Why would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Chopwell ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few 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 decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. 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 unlikely to have any impact on this.
Can your site be used to find a Conveyancing solicitor in Chopwell even if I’m not buying or selling a house, for example where I wish to acquire an office in Chopwell with a mortgage from Leeds Building Society?
Our comparison service is mainly utilised to help choose domestic conveyancing solicitors in Chopwell but we have set out towards the bottom of this page some Chopwell commercial conveyancing firms. You will need to speak with the company directly to establish if they can also act for Leeds Building Society
How does conveyancing in Chopwell differ for new build properties?
Most buyers of new build premises in Chopwell approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Chopwell tend to buy 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 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 accustomed to new build conveyancing in Chopwell or who has acted in the same development.
My father-in-law has recommend that I appoint his lawyers for conveyancing in Chopwell. Should I choose my own solicitor?
Much as we are happy to recommend a Chopwell conveyancing lawyer the ideal way to choose a conveyancing solicitor is to seek referrals from friends or relatives who have actually previously instructed the conveyancer you're considering.
Can you offer any advice when it comes to appointing a Chopwell conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Chopwell conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Chopwell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the costs for lease extension work? How familiar is the firm with lease extension legislation?
Chopwell Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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How much is the ground rent and service charge? You should be aware that where the lease has fewer than 80 years it will impact the marketability of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would be be obliged to have been the owner of the premises for two years in order to be eligible to extend the lease. Many Chopwell leasehold flats will incur a service charge for maintenance of the building invoiced by the freeholder. Where you acquire the property you will have to pay this liability, normally periodically during the year. This can be anything from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay yearly, normally this is not a large figure, say around £50-£100 but you should to check it because sometimes it could be many hundreds of pounds.
How and when do I pay stamp duty payable for my Chopwell property purchase?
The solicitor will fill out a stamp duty return for you as part of your Chopwell purchase transaction for you to sign. On completion your conveyancing practitioner will submit the Land Transaction Return Form to the Inland Revenue and - as long as they have the funds - discharge any Stamp Duty payable on your behalf.