I am nearing exchange of contracts for my house in Helsby and the estate agent has just called to advise that the purchasers are switching property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. Why would a major lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Helsby ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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.
We are a couple about to sign contracts for a property in Helsby. We have hit a problem. Our loan offer with Birmingham Midshires runs out on 12/3/2021 but the sellers are putting forward a completion date of 16/3/2021. Can one extend the mortgage offer?
The person best placed to address this concern is your solicitors who should determine if they corresponding with the lender, owner’s representatives, selling agents or indeed all parties taking into account the history of your transaction as of today.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Helsby. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 12/1/2021, the requirements read as follows :
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Helsby is the location of the property. What do you suggest?
Flying freeholds in Helsby are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Helsby you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Helsby may determine 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.
What does commercial conveyancing in Helsby cover?
Helsby conveyancing for business premises covers a broad range of advice, given by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases 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 leases.
What are my options where I am not happy with the lawyer who undertook our conveyancing in Helsby?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that sometimes things do go wrong. Nevertheless there is recourse where you were unhappy with your conveyancing in Helsby. This varies from trying to resolve matters directly with them, through to reporting a property lawyer to their governing body. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.