I am nearing exchange of contracts for my apartment in Truro and the EA has just telephoned to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a big named mortgage company only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Truro ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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. Your purchasers are not going to have any sway in the decision.
Can the conveyancing solicitors that you recommend carry out attended exchange conveyancing in Truro?
We do have a number of conveyancing experts carrying out one day exchanges. You should call us to secure a costs illustration and details as to availability.
we are a couple who wish to acquire a 1 bedroom flat in Truro with a residential mortgage from HSBC Bank.We have a Truro conveyancing practitioner but HSBC Bank advised that his firm is not listed on their "panel". It seems we are left with no choice but to instruct a HSBC Bank panel lawyer or keep our high street solicitor and pay for a HSBC Bank panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, one of which will be that conveyancers will be on the HSBC Bank approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
What is your number one tip for choosing a conveyancing solicitor in Truro
We would encourage you not to go for the lowest Truro conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
After months of negotiation I have agreed a price on an apartment in Truro. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. A few days later, the conveyancer contacted me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Bank of Ireland have agreed my mortgage in principle, my offer on a flat in Truro has been agreed to, now what?
Your property agent will need to be advised as to your conveyancing practitioner's details (be sure the conveyancers are on the lender’s approved list). Call up Bank of Ireland or your broker and finish off any outstanding paperwork. Bank of Ireland will instruct a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes on average a week to get a mortgage offer. Bank of Ireland will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Truro.
Do commercial conveyancing searches reveal impending roadworks that may affect a commercial site in Truro?
Its becoming the norm that commercial conveyancing solicitors in Truro will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Truro. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Truro.
For each commercial conveyancing transaction in Truro it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Truro commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Truro.
I have been on the look out for a leasehold apartment up to £195,000 and identified one close by in Truro I like with open areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Truro for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.