I am progressing with the sale of my house in Wem and the EA has just e-mailed to advise that the purchasers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Wem ?
Mortgage companies have always had panels of law firms that can represent them, but in recent 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.
Banks blame a rise in fraud as the reason for the pruning – criteria have been stiffened 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 claims that it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
How does conveyancing in Wem differ for newly converted properties?
Most buyers of new build residence in Wem contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Wem typically buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Wem or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Wem ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some lenders will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wem. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wem to see if the conveyancing costs will increase in light of this.
How simple is it to use your search app to select a conveyancing lawyer in Wem on the approved list for my bank?
First pick a bank such as Accord Mortgages Ltd, Leeds Building Society or TSB then choose your location e.g. Wem. Conveyancing practices in Wem and across England and Wales will then be identified.
In sourcing the web for the words conveyancing in Wem it shows results of numerous conveyancerslocally. How do I determine which is the right solicitor for me?
The ideal way of finding a suitable conveyancer is through a trusted testimonial, so ask colleagues and those you trust who have bought a property in Wem or a reputable estate agent or financial adviser. Costs for conveyancing in Wem vary, so it's sensible to obtain at least three fee calculations from varying types of solicitors. Dont forget to clarify what costs in the quote includes.
Should I stop the direct debit for my mortgage with Leeds Building Society as soon as a completion date for my sale in Wem has been set?
No, you must maintain meeting any mortgage sums to Leeds Building Society pending the mortgage being discharged from the proceeds of sale as part of your Wem conveyancing.