I am one month into the sale of my house in Rochford and the EA has just telephoned to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Rochford ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any sway in the decision.
We wanted to use a conveyancing solicitor in Rochford for our home move. Our financial adviser has since advised us that our mortgage lenders Platform Home Loans Ltd won't deal with them. Why is this not regarded as unduly restrictive?
A lender will require an approved conveyancer act for it. Borrowers are liable to meet the cost of this. Try using our directory service to get a quote from a solicitor to carry conveyancing in Rochford on the Platform Home Loans Ltd member panel.
My wife and I are buying a property in Rochford. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to deposit funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
After shopping around on the internet I have found a Rochford conveyancer having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Rochford postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Rochford.
Kent Reliance have agreed my mortgage in principle, my offer on a flat in Rochford has been agreed to, now what?
Your property agent will want to be advised as to your conveyancing practitioner's details (be sure the lawyers are on the lender’s approved list). Contact Kent Reliance or your broker and finish off any outstanding paperwork. Kent Reliance will instruct a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rochford.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a residence in Rochford?
Unless a previous purchase of the house took place post 12 October 2013 you may expect lawyers delivering conveyancing in Rochford to remain recommending a chancel search and or chancel repair liability policy.
The deeds to our home can not be found. The lawyers who dealt with the conveyancing in Rochford 10 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or premises, as the Land Registry hold details of all registered land or property electronically.
I'm remortgaging my primary property to a BTL mortgage with Chelsea Building Society and I will use the ballance of the raised equity towards another property. The location we are interested in is Rochford. Will your conveyancers be able to act for the two banks and link together the two deals?
Do use our search tool on this site to check that the conveyancers are on the relevant lender panels. On the basis that they are your conveyancer will be able to tie up the two transactions but you should talk with you lawyer and make apparent your expectations and needs.