I am one month into the sale of my ground floor flat in Dartmouth Park and the EA has just telephoned to advise that the buyers are switching property lawyer. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a major mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Dartmouth Park ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. The buyers are not going to have any sway in the decision.
Our solicitor has discovered a a problem with the lease for the flat we are buying in Dartmouth Park. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
We are looking to buy a house and require a conveyancing solicitor in Dartmouth Park who is on the Barclays approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Dartmouth Park.
I require quick conveyancing in Dartmouth Park as I have pressure to sign on the dotted line in less than 3 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not getting a home loan you are at free not to have searches carried out although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Dartmouth Park the following are instances of what can appear and therefore impact future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
What makes your site different to other online quote calculators for conveyancing in Dartmouth Park?
At this site obtain a fixed fee quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Dartmouth Park. As opposed to estate agents and many comparison sites we do not charge firms a commission if you choose them for your property ownership legalities in Dartmouth Park
I am short of a 10% deposit on my flat purchase in Dartmouth Park , but I am keen exchange. Do I have options?
You can agree a lower deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute