I am progressing with the sale of my maisonette in Costessey and the estate agent has just telephoned to advise that the buyers are changing their conveyancer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Costessey ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. Your buyers are not going to have any sway in the decision.
We were just about to sign contracts for a ground floor flat in Costessey. We have hit a problem. The loan offer with Aldermore expires on 14/8/2026 but the owners are suggesting a completion date of 18/8/2026. Is it possible to extend the mortgage offer?
The best person to address this issue is your lawyer who will calculate if they should be discussing with the mortgage company, vendor’s conveyancers, estate agents or conceivably all parties taking into account what has gone on in your conveyancing to date.
We are looking to buy a house and need a conveyancing solicitor in Costessey who is on the Nationwide approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nationwide . We don't recommend any particular firms conducting conveyancing in Costessey.
I am looking for a flat up to £245,000 and identified one close by in Costessey I like with open areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Costessey for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I need to retain a conveyancing solicitor for freehold conveyancing in Costessey. I've land on a web site which looks to be the ideal answer If there is a chance to get all formalities done via web that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I'm buying a flat in Costessey. I can find my conveyancer's company on the CLC list, but I can't find my lawyer's name as listed on the regulator's website. Is this a big problem?
Not all staff in the company must be listed by the regulator. As long there is someone qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unqualified staff.