I am one month into the sale of my flat in Stockport and the estate agent has just telephoned to advise that the purchasers are appointing a new solicitor. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Stockport ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Some 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. The buyers are unlikely to have any impact on this.
In the event thatI were to purchase a simple residential housein Stockport mortgage fee and have no survey and no local authority searches how much could I expect to have to pay for conveyancing in Stockport?
The sole reduction in fees you would achieve is the Stockport conveyancing searches. The solicitor still got to do everything else - money laundering, communicating with the sellers conveyancer, SDLT return, register the ownership etc. A marginal saving might be made by not needing to register a mortgage however it will not be meaningful.
Do the Building Society Association intend to launch a online directory to to identify solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Stockport?
Lexsure has not been advised of any plans on the part of the BSA to develop such a register.
I used Arc property Solicitors a few years ago for my conveyancing in Stockport. I now require my papers however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stockport of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Stockport differ for new build properties?
Most buyers of new build or newly converted property in Stockport contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Stockport tend to buy 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 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 Stockport or who has acted in the same development.
I decided to have a survey done on a property in Stockport before instructing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies may refuse to grant a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stockport. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stockport to see if the conveyancing will be more expensive.