I am progressing with the sale of my ground floor flat in Shoreham By Sea and the EA has just called to say that the purchasers are changing their property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a major lender only work with specific law firms rather the firm that they want to select for their conveyancing in Shoreham By Sea ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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. Plenty of firms 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 sway in the decision.
We wanted to use a conveyancing solicitor in Shoreham By Sea for our house move. Our broker informed us that our bank Santander won't deal with them. Why is this not regarded as unfair competition?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Shoreham By Sea conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum volume of transactions. Many Shoreham By Sea conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Shoreham By Sea is amongst the thousands of areas where the conveyancers we list are are approved Santander.
What can a local search tell me about the house we're purchasing in Shoreham By Sea?
Shoreham By Sea conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search plays an important role in many a Shoreham By Sea conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in Shoreham By Sea differ for new build properties?
Most buyers of new build residence in Shoreham By Sea approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Shoreham By Sea usually purchase the site, 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 conveyancers 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 used to new build conveyancing in Shoreham By Sea or who has acted in the same development.
I am looking for a flat up to £245,000 and found one near me in Shoreham By Sea I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Shoreham By Sea for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My husband and I are first time buyers - had an offer accepted, but the selling agent told us that the vendor will only go ahead if we appoint their chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Shoreham By Sea
It is highly unlikely the sellers are driving this. Should the owner desire ‘a quick sale', turning down a serious buyer is going to damage their objectives. Bypass the agents and go straight to the sellers and make the point that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you intend to use your preferred Shoreham By Sea conveyancing firm - not the ones that will give the estate agent a introducer fee or achieve conveyancing targets demanded by corporate headquarters.