I am nearing exchange of contracts for my house in Royton and the EA has just text me to advise that the buyers are changing their conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Royton ?
Lenders have always had panels of law firms that can represent them, 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 many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 purchasers are not going to have any sway in the decision.
Do the conveyancing lawyers listed on your site perform conveyancing in Royton by way of an attended exchange?
There are a few conveyancing specialists who can conduct 24hr exchanges. You should contact us to get a fee calculation and details as to dates.
We're in Royton, FTBs buying with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
The estate agent has sent us the confirmation of our purchase of a new build flat in Royton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Royton
-
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm refinancing my existing property to a BTL loan with Nottingham Building Society and I will use the ballance of the raised equity towards a second property. The location we are looking at is Royton. Will your solicitors be able to act for both sets of mortgage companies and tie in the transactions?
Do use our comparison tool on this page to ensure that the solicitors are approved by both lenders. Having checked that they are the solicitor will be able to tie up the two conveyancing matters but you should talk with you lawyer and specify your expectations and needs.
What is the reason for my conveyancer requiring a list of items of ID ahead of starting selling or purchasing a property in Royton?
Royton solicitors are duty bound by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to record that the have verified the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and date of birth.