I am nearing exchange of contracts for my maisonette in Freshwater and the estate agent has just e-mailed to advise that the purchasers are switching law firm. The reason given is that the lender will only work with solicitors on their approved list. On what basis would a major lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Freshwater ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your purchasers are not going to have any impact on this.
We see that you have a post code search directory listing solicitors on the TSB conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Freshwater?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Freshwater.
What does a local search reveal about the property I am purchasing in Freshwater?
Freshwater conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search is essential in every Freshwater conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
How does conveyancing in Freshwater differ for newly converted properties?
Most buyers of new build or newly converted property in Freshwater approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Freshwater tend to acquire 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 conveyancers 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 Freshwater 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 a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Freshwater is where the house is located. Can you offer any guidance?
Flying freeholds in Freshwater are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Freshwater you would need to get your solicitor to go 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 Freshwater 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 premises.
There are a number of conveyancers listed on your site but can you recommend a good property lawyer to do the acquisition of a flat in Freshwater. With any luck we will purchase the flat for £240000 with a mortgage from Barclays. We reside in Freshwater but dont require the solicitors to be based in Freshwater.
LenderPanel.com is limited to being a directory service for conveyancing practitioners who want to be listed as being on the approved conveyancing panel for Barclays in certain areas for instance Freshwater . Our intention is not to recommend any specific conveyancer.