I am nearing exchange of contracts for my maisonette in Southend and the EA has just e-mailed to advise that the buyers are swapping law firm. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Southend ?
UK lenders have always had an approved set of law firms that can represent them, but in the last 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 more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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.
Are you able to recommend a Godiva Mortgages Ltd accepted Southend conveyancing lawyer finish our home move within under 3 weeks? Would it be better to use a local Southend firm or a nationwide comparison site?
We can recommend some very good Southend conveyancing firms. You can also walk up the high street in Southend. Approach two or three law practices and ask to speak with a conveyancing solicitor for a fee estimate. Discuss your requirements together with the reasons and get a commitment on your deadline. Select the one that you are most comfortable with.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Southend. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Given you intend to refinance then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
When it comes to mortgage companies such as RBS, do Southend conveyancers have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I currently have a mortgage with Principality for my property in Southend. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Principality must be informed of your intention prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
Clydesdale have agreed my home loan in principle, my offer on a flat in Southend has been accepted, now what?
The property agent will want to know who your solicitors are (be sure the solicitors are on the bank’s panel). Telephone Clydesdale or your broker and finish off any outstanding forms. Clydesdale will appoint a valuer who will get in touch with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average a week to receive the mortgage offer. Clydesdale will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Southend.
A colleague recommended that where I am purchasing in Southend I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Southend conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Southend around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Southend Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Southend Education with plans and statistics, Local Amenities and other useful information concerning Southend.
I would be grateful if you would explain what my options are where my Southend conveyancing searches reveals negative entries?
Normally, most concerns disclosed in Southend conveyancing search responses can be addressed in advance of completion or title insurance can be put on cover. It is important to remember that although you are purchasing the premises and may be willing to live with the search results, your building society or bank may not, and ultimately have the final decision.