I am progressing with the sale of my maisonette in Truro and the EA has just e-mailed to say that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Truro ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The purchasers are not going to have any sway in the decision.
Why do I have to pay up front for my conveyancing in Truro?
If you are buying a property in Truro your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the total price then this will be required immediately in advance of exchange of contracts. The final balance that is needed should be transferred a few days ahead of the completion date.
I am planning to acquire a property and require a conveyancing solicitor in Truro who is on the Godiva Mortgages Ltd conveyancing. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Godiva Mortgages Ltd in certain locations such as Truro. We dont recommend any particular firm.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Truro I like with open areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Truro in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I have been pointed in your direction by two or three local selling agents in Truro to select a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your services over another?
We refuse to give any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My father has recommend that I appoint his conveyancers in Truro. Do I follow his recommendation?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to have feedback from friends or relatives who have experience in using the solicitor you're are thinking of instructing.