I am six weeks into the sale of my flat in Aston on Trent and the EA has just e-mailed to say that the buyers are changing their solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Aston on Trent ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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 not going to have any impact on this.
We have rather pushy sellers who has recommended a lock out agreement with a non-refundable deposit 10k. Are such agreements sensible?
Exclusivity contracts are contracts between a property owner and prospective buyer granting the buyer the sole right to purchase the property within an agreed time frame. Essentially, a lock out is a document specifying that you will receive a contract at a later time which is the contract for the actual sale. It is generally used for buyer confidence though in many situations, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your conveyancer but note that it may end up incurring extra in conveyancing fees. For this these contracts are not popular when it comes to conveyancing in Aston on Trent.
When can the exchange of contracts take place for purchase conveyancing in Aston on Trent and am I required to attend the conveyancers office?
If you are near to our conveyancing solicitors in Aston on Trent you are invited in to sign contracts. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the firm to exchange contracts at the suitable time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Aston on Trent)to be in the office available at the end of the phone to exchange contracts.
My house in Aston on Trent is up for sale and I have accepted an offer. Will the solicitor have to be on the Yorkshire BS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Aston on Trent I like with amenity areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Aston on Trent in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
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