I am in the process of selling my apartment in Weymouth and the estate agent has just e-mailed to warn that the purchasers are swapping law firm. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Weymouth ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent 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.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. 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. The buyers are not going to have any impact on this.
Do I have to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Weymouth so that I can pop in to their offices if necessary.
Whereas this was necessary 15 years ago, most lenders no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still distinct benefits to instructing a locally based practitioner, in your situation a conveyancing solicitor in Weymouth.
My wife and I have a renovated Edwardian house in Weymouth. Conveyancing lawyer represented me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Weymouth and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing solicitor who conducted the purchase.
How does conveyancing in Weymouth differ for newly converted properties?
Most buyers of new build or newly converted property in Weymouth come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Weymouth usually purchase 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 accustomed to new build conveyancing in Weymouth or who has acted in the same development.
What makes your site different to other online quote calculators when it comes to conveyancing in Weymouth?
At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Weymouth. Unlike many estate agents and many comparison sites we do not charge firms a fee if you select them for your conveyancing in Weymouth
We have just had a bid accepted on our 1st home in Weymouth, and are about to get solicitors instructed. I have used the numerous comparison based websites and the results are from all over the England and Wales. Is it essential to have a Weymouth conveyancing practitioner local to your prospective house? We are happy to do everything electronically, but I assume at some point we will be required to attend the property lawyer's office to sign papers?
Usually there is no need to physically visit the office of your conveyancing practitioner, they can post any relevant papers to you, which you can sign and send back. Many home movers nevertheless opt to instruct a locally based solicitor, but it's by no means essential for conveyancing in Weymouth.