I am nearing exchange of contracts for my apartment in Leagrave and Chalton and the estate agent has just e-mailed to advise that the purchasers are swapping solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Leagrave and Chalton ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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 buyers are unlikely to have any sway in the decision.
Do the conveyancing solicitors that you recommend handle right to buy conveyancing in Leagrave and Chalton?
We work with numerous conveyancing solicitors carrying out right to buy transactions Do call us with a view to obtain a costs illustration.
Should lawyers request money up-front for my conveyancing in Leagrave and Chalton?
If you are buying a property in Leagrave and Chalton your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be needed shortly prior to contracts are exchanged. The closing balance that is needed will be payable shortly before completion.
What does a local search reveal regarding the house I am buying in Leagrave and Chalton?
Leagrave and Chalton conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Leagrave and Chalton conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the premises (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 thirteen subject headings.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Leagrave and Chalton I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Leagrave and Chalton for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.