I am nearing exchange of contracts for my flat in Malden Rushett and the EA has just telephoned to say that the buyers are changing their property lawyer. The reason given is that the bank will only engage 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 appoint to handle their conveyancing in Malden Rushett ?
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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 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.
Why is leasehold purchase conveyancing in Malden Rushett is more expensive?
Malden Rushett leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
About to purchase house in Malden Rushett. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Malden Rushett solicitor is on the Nottingham conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Malden Rushett is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
Principality have agreed my mortgage in principle, my offer on a apartment in Malden Rushett has been accepted, what are the next steps?
Your property agent will wish to know who your solicitors are (make sure the property lawyers are on the lender’s panel). Call up Principality or the financial adviser and finalise any appropriate forms. Principality will appoint a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Principality will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Malden Rushett.
I used Arc property Solicitors several years ago for my conveyancing in Malden Rushett. I now require my file but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Malden Rushett of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Malden Rushett I like with open areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Malden Rushett 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 home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
As co-executor for the will of my uncle I am disposing of a property in Newport but I am based in Malden Rushett. My conveyancer (approximately 260 miles from meneeds me to sign a stat dec before completion. Could you suggest a conveyancing lawyer in Malden Rushett to attest and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are Malden Rushett based