I am in the process of selling my apartment in Romiley and the estate agent has just e-mailed to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Romiley ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks 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 reveal 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. The purchasers are unlikely to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in Romiley is more expensive?
Romiley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Does a directory service exist listing TSB panel conveyancers in Romiley on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. Very few banks make their panel listings visible on the web. Where you are in need of a Romiley lawyer on the TSB please use our facility.
I have paid off my mortgage with Co-operative. I assume I don't need a Romiley conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
My offer on a house in Romiley has been agreed to, the owners do however have a connected purchase. The sellers have offered on a flat, but it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Romiley. What should be my next step? When should I get the mortgage application with RBS started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then survey, Romiley conveyancing search charges, etc). First, you must ensure that your property lawyer is on the RBS conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your case, attraction to the property and on the state of the market. In a hot market some purchasers will apply for a home loan with RBS and pay for the valuation and only if it comes back ok would they request their lawyer to move forward with searches.
How does conveyancing in Romiley differ for newly converted properties?
Most buyers of new build property in Romiley approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because developers in Romiley typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Romiley or who has acted in the same development.
I'm refinancing my primary house to a buy to let mortgage with Britannia and I will use the ballance of the raised equity as a down payment on a second property. The neighborhood we are interested in is Romiley. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our comparison tool on this page to be sure that the lawyers are approved by both lenders. Having checked that they are the solicitor should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and specify your desired outcome and requirements.
My cousin has suggested that I use his conveyancing solicitors in Romiley. Should I use them?
There are no two ways about it the ideal way to find a conveyancing lawyer is to have recommendations from friends or relatives who have actually experience in using the firm that you are contemplating using.