I am progressing with the sale of my maisonette in Fulwell and the estate agent has just called to warn that the buyers are changing their property lawyer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Fulwell ?
UK lenders have always had an approved set of law firms that can represent them, but in the last 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 more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened 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 being contacted daily by practices that have been removed from panels. Some 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 not going to have any sway in the decision.
Various web forums that I have come across warn that are the primary reason for hinderance in Fulwell conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Fulwell.
How does conveyancing in Fulwell differ for new build properties?
Most buyers of new build premises in Fulwell approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Fulwell usually 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 used to new build conveyancing in Fulwell or who has acted in the same development.
I opted to have a survey done on a property in Fulwell prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some banks may refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fulwell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Fulwell to see if the conveyancing will be more expensive.
I need to find a conveyancing solicitor for my conveyancing in Fulwell. I've chance upon a web site which looks to be the perfect solution If it is possible to get all this stuff done via phone that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I’m about to sell my 2 bed apartment in Fulwell.Conveyancing lawyers have not yet been instructed however I have recently had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as usual because all rents and service invoices should be allottedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process