I am nearing exchange of contracts for my flat in East Bergholt and the estate agent has just telephoned to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. Why would a leading mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in East Bergholt ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
I require conveyancing for a flat in a relatively new development (6 years built) in East Bergholt. 95% of the appartments are already occupied. Do I need carry out the neighbourhood searches as part of conveyancing in East Bergholt?
If you are purchasing a property with the assistance of a loan, your mortgage company will need some (many) of the searches so you'll have no choice. If not, then East Bergholt conveyancing searches are for you to decide upon. No doubt your conveyancer, will 'advise', perhaps in the strongest possible terms, that you should not go ahead without searches, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or ask you to appoint a different lawyer for your conveyancing in East Bergholt.
Can I be sure that the East Bergholt conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in East Bergholt getting recommendations is a sensible 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 conducting your conveyancing.
My wife and I have organised the release of further funds on our home loan from HSBC as we want to carry out improvements to our property in East Bergholt. Do we need to appoint a local East Bergholt solicitor on the HSBC conveyancing panel to handle the legals?
HSBC don't usually instruct firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC list.
We were going to get a AIP from Virgin Money this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any East Bergholt solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint East Bergholt solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
We are buying a property and the lawyer has referenced Chancel Repair to which the property may be liable as it falls into the area of such a church. She has suggested insurance. Is this strictly appropriate for conveyancing in East Bergholt
Unless a previous acquisition of the property completed post 12 October 2013 you can expect lawyers delivering conveyancing in East Bergholt to remain recommending a chancel search and or chancel repair liability insurance.
How does conveyancing in East Bergholt differ for newly converted properties?
Most buyers of new build or newly converted property in East Bergholt come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in East Bergholt typically buy the real estate, 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 property lawyers 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 used to new build conveyancing in East Bergholt or who has acted in the same development.
Should I be worried if there is an issue with the searches conducted as part of our conveyancing in East Bergholt?
Ordinarily, most problems revealed in East Bergholt conveyancing search responses can be dealt with prior to completion or indemnity insurance may be put on cover. It is important to note that regardless of the fact that you intend on acquiring the property and might be willing to live with the search results, your lender may not, and when all said and done have the final decision.