I am nearing exchange of contracts for my ground floor flat in England Springs and the estate agent has just text me to advise that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in England Springs ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
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 oversee. 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 purchasers are unlikely to have any impact on this.
My lawyer in England Springs is not listed on the Skipton Building Society Solicitor Panel. Can I still use my family solicitor even though they are excluded from the Skipton Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing England Springs lawyers but Skipton Building Society will need to retain a lawyer on their panel. This will inevitably rack up the total conveyancing charges as well as cause frustration.
- Get a new practitioner to act in the conveyancing, remembering to check they are on the Skipton Building Society panel
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. England Springs is where the house is located. Can you shed any light on this issue?
Flying freeholds in England Springs are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside England Springs you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in England Springs may decide 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 residence.
What does commercial conveyancing in England Springs cover?
England Springs conveyancing for business premises incorporates a wide array of advice, provided by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I am a couple of weeks into a residential purchase having been directed to solicitors by the high street agent to handle our conveyancing in England Springs. I am am starting to be disappointed with the quality of service. Could you you assist me in finding new conveyancers?
A lawyer would have to be very bad in order to consider replacing them. Has the loan offer been issued? If so you will need to advise them of the new lawyer and have the offer are re-issued. Your conveyancer needs to be on the banks approved list to avoid supplemental charges and frustration. That should be your first question of the new lawyers. The search tool can help you find a bank approved lawyer for your home move in England Springs
Our conveyancer in England Springs has identified a a problem with the lease for the flat we are purchasing in England Springs. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your England Springs conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the mortgage company