I am one month into the sale of my ground floor flat in Dunstable and the EA has just text me to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Dunstable ?
Banks 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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. Your purchasers are not going to have any impact on this.
About to place an offer on a leasehold apartment in Dunstable. The estate agents tell me that it is normal for flats in Dunstable to have less than 75 years remaining. I am getting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2024 the requirements read as follows :
My wife and I are purchasing a flat in Dunstable. It might be a silly question but how we can trust a lawyer? On the day of competition we have to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am helping my mother sell her property in Dunstable. Does the conveyancing solicitor order the energy performance certificate or it is for the owner to see to?
After the abolition of HIPs, EPC’s was retained a required component of selling a property. An energy assessment should be to hand prior to the property being advertised. It is not as aspect of the sale process that law firms ordinarily organise. Where you are using a Dunstable conveyancing practitioner they might be willing to arrange EPC’s due to their relationships with reputable local assessors
I have instructed a Dunstable solicitor having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Dunstable surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am looking for a ground for flat up to £195,000 and found one close by in Dunstable I like with amenity areas and transport links nearby, however it only has 51 remaining years left on the lease. There is not much else in Dunstable suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I'm converting the mortgage on my current house to a BTL loan with Barclays and I will use the rest of the raised equity as a down payment on a second house. The location we are talking about is Dunstable. Will your conveyancers be able to act for both sets of lenders and link together the two deals?
Make use of our comparison tool on this site to be sure that the lawyers are on the relevant lender panels. On the basis that they are the solicitor will be able to simultaneously deal with the two deals but you should have a chat with you solicitor and make clear your desired outcome and needs.
Do online conveyancing organisations cover everything a local Dunstable solicitor does or must I use a solicitor for the final stages for my conveyancing in Dunstable?
If you use an online conveyancer they will cover all the things your Dunstable conveyancer will cover.