I am nearing exchange of contracts for my house in Banwell and the EA has just e-mailed to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Banwell ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 when it comes to conveyancing in Banwell?
Where you are retaining lawyers for conveyancing in Banwell your solicitor will ask you put them with funds to cover the search fees. Generally this is requested to cover the fees of the Local Authority Search. If any down payment is payable against the purchase price then this should be asked for immediately before contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
I am selling my home in Banwell. Will my solicitor need to be required to be on the Leeds Building Society conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society 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 panel criteria fairly frequently currently.
A friend advised me that in buying a property in Banwell there could be a number of restrictions preventing external alterations to the property. Is this right?
There are a number of properties in Banwell which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Banwell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am expecting a OIP from Aldermore this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Banwell solicitors on the Aldermore conveyancing panel, or is it better to go independently?
You will need to appoint Banwell solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I have decided to exercise my right to buy my property in Banwell off the council. I have a mortgage agreed with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Banwell I like with a park and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Banwell in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities 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.
Are all Banwell law firms on every lender conveyancing panel?
You can use our search tool or you can pop into your high street bank branch in Banwell. Chances are that they will know some good conveyancing solicitors in Banwell