I am nearing exchange of contracts for my flat in Egremont and the EA has just telephoned to advise that the purchasers are swapping law firm. The reason given is that the lender will only engage with property lawyers on their approved list. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in Egremont ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 claims that 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 unlikely to have any impact on this.
Having spent time reading online forums for a high-quality lawyer in Egremont, many say that I must use a CQS kitemarked solicitor. What is CQS?
Egremont Conveyancing Quality Scheme solicitors have been granted accreditation under the Law Society's Scheme (CQS) CQS was established to promote high standards in the home moving process. CQS helps house movers to identify practices that provide a quality residential conveyancing. Egremont is one of the many areas in England and Wales in which CQS have a presence. The conveyancing scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
Completion of my remortgage has taken place for my property in Egremont. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I can not work out if my lender requires a lease extension. I have called into my local Egremont building society branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Egremont conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancing practitioner has to follow the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My sealed bid on a property in Egremont has been accepted, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Egremont. What do I do now? At what point should I apply for the mortgage with TSB?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then survey, Egremont conveyancing search costs, etc). First, you should ensure that your conveyancer is on the TSB conveyancing panel. As to the next phase this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. In a buoyant market the majority of buyers will apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with searches.
How does conveyancing in Egremont differ for new build properties?
Most buyers of new build or newly converted property in Egremont contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because new home sellers in Egremont typically purchase 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 conveyancing solicitors 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 Egremont or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Egremont is where the house is located. Can you shed any light on this issue?
Flying freeholds in Egremont are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Egremont you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Egremont may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How do I identify a Egremont law firm on the Coventry Building Society conveyancing panel? I drive a motor bike and am happy to travel upto 20miles to meet the lawyer.
You can use the facility on this page. Please select a bank and your location and you will see a number of Egremont conveyancing lawyers located nearest you. We have detailed some Egremont conveyancing firms towards the end of this page and you can contact them to check if they are on the Coventry Building Society approved list