I am progressing with the sale of my ground floor flat in Newton Aycliffe and the EA has just called to say that the purchasers are switching solicitor. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Newton Aycliffe ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed 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. Your buyers are unlikely to have any impact on this.
Do banks and building societies provide you with an approved list of Newton Aycliffe conveyancing solicitors? How do you know who is on the RBS conveyancing panel?
Newton Aycliffe conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
The Newton Aycliffe conveyancing firm that I recently instructed on my purchase in Newton Aycliffe have suddenly shut down. They were on acting for me because I needed a firm on the RBS conveyancing panel and my family Newton Aycliffe lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS 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 lawyers may be able to help.
If you had a top tip for selecting a conveyancing solicitor in Newton Aycliffe what would it be?
Do not opt for the cheapest Newton Aycliffe conveyancing costs illustration. You really do get what you’re paying 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 advance.
Can you point me to a directory of Santander panel solicitors in Newton Aycliffe on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings available online. If you are looking for a Newton Aycliffe property lawyer on the Santander please use our tool.
I have decided to exercise my right to buy my property in Newton Aycliffe off the council. I have a mortgage agreed with Barclays. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
I am a negotiator for a long established estate agent office in Newton Aycliffe where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Newton Aycliffe conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Newton Aycliffe Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Is anyone aware of any major works in the near future that will likely increase the service fees? Does this lease have in excess of 82 years left? What is the yearly maintenance fee and ground rent?
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender 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 bank 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 mortgage company solicitor panel.