I am one month into the sale of my ground floor flat in Long Sutton and the EA has just called to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Long Sutton ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 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 unlikely to have any sway in the decision.
The Long Sutton conveyancing firm that I appointed last week on my house acquisition in Long Sutton have suddenly closed. I only went with them because I had to have a solicitor on the Principality conveyancing panel and my previous Long Sutton lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
What is your number one tip for choosing a conveyancing solicitor in Long Sutton
It would be unwise to be seduced by the lowest Long Sutton conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
When it comes to mortgage companies such as Virgin Money, do Long Sutton conveyancing practitioners have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I can not fathom if my lender requires a lease extension. I have called my Long Sutton bank branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Long Sutton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified as part of conveyancing in Long Sutton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Long Sutton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Long Sutton is where the house is located. What do you suggest?
Flying freeholds in Long Sutton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Long Sutton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Long Sutton 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 residence.
I am purchasing a house and require a conveyancing solicitor in Long Sutton who is on the mortgage company approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the lender who carry out conveyancing in Long Sutton. We dont recommend any particular conveyancing practice.