I am 4 weeks into the sale of my maisonette in Neston and the EA has just called to advise that the buyers are swapping solicitor. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Neston ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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. Your purchasers are not going to have any impact on this.
Please explain the implications if my solicitor is suspended from the Coventry BS Solicitor panel ahead of completing my conveyancing in Neston?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing a house and the solicitor has mentioned Chancel Repair for which the house could be obligated to pay given it’s proximity to the area of such a church. She has suggested insurance. Is this strictly appropriate for conveyancing in Neston
Unless a prior acquisition of the property took place after 12 October 2013 you could assume that solicitors carrying out conveyancing in Neston to continue to suggest a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Neston I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Neston suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am 3 weeks into a leasehold purchase having been directed to conveyancers by the local agent to carry out the conveyancing in Neston. I am am very frustrated with the quality of service. Can you help me find new solicitors?
They would need to be very bad in order to consider replacing them. Has your loan offer been sent? If so you will need to make them aware of the new contact details and get the offer are re-issued. The solicitor ideally needs to be on the mortgage company approved list to avoid escalating fees and complications. That should be your first question of the new solicitors. Our search tool will help you find a lender approved conveyancer for your conveyancing in Neston
Is it the case that all Neston property lawyers on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your local lender branch in Neston. the probability is that they will know some good conveyancing solicitors in Neston