I am in the process of selling my flat in Attleborough and the estate agent has just e-mailed to say that the purchasers are switching law firm. The reason given is that the mortgage company will only work with solicitors on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Attleborough ?
UK lenders 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 Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 purchasers are unlikely to have any impact on this.
I happen to be the only recipient of my late father’s will and I have everything in my name now, including the house in Attleborough. The Attleborough property was put into my name in November. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in November. Do I have to wait 6 months to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this requirement principally exists to capture subsales or the quick reselling of property.
is it true that all Attleborough conveyancing solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
I have a mortgage with Principality for my property in Attleborough. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel lawyer.
Should commercial conveyancing searches reveal planned roadworks that may affect a commercial premises in Attleborough?
Many commercial conveyancing solicitors in Attleborough will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Attleborough. The report sets out definitive data 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 Attleborough.
For every commercial conveyancing transaction in Attleborough it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Attleborough commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Attleborough.
How does conveyancing in Attleborough differ for new build properties?
Most buyers of new build premises in Attleborough come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Attleborough typically buy 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 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 used to new build conveyancing in Attleborough or who has acted in the same development.
Should I go with a Attleborough conveyancing lawyer based in the vicinity that I am buying? An old friend can conduct the conveyancing but her office is 200kilometers drive away.
The primary upside of using a local Attleborough conveyancing practice is that you can visit the firm to sign documents, present your identification documents and pester them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were happy that should outweigh using an unfamiliar Attleborough conveyancing lawyer just because they are based in the area.
There are a number of conveyancers listed on your site but can you recommend a good conveyancer to do the acquisition of an apartment in Attleborough. With any luck we will secure the flat for £240000 with a mortgage from Leeds Building Society. We reside in Attleborough but dont care where they are.
The purpose of this site is restricted to being a directory service for solicitors who wish to be listed as being on the approved conveyancing panel for Leeds Building Society in certain areas such as Attleborough . Our intention is not to recommend any particular lawyer.