I am six weeks into the sale of my home in Boldon and the estate agent has just called to advise that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Boldon ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 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 unlikely to have any sway in the decision.
Do all mortgage companies provide you with an approved list of Boldon conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Boldon conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
My lawyer in Boldon is not listed on the Skipton Building Society Approved Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Skipton Building Society panel?
Your options are as follows:
- Carry on with your existing Boldon lawyers but Skipton Building Society will need to retain a lawyer on their panel. This will inevitably rack up the total conveyancing charges and result in delays.
- Find a new solicitor to to deal with the purchase, obviously checking they are Persuade your solicitor to use their best endeavours to join the Skipton Building Society conveyancing panel
There are numerous conveyancing solicitors in Boldon but how do I know who I should use?
Do not opt for the cheapest Boldon conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My solicitor has informed me that breach of easement insurance is needed on my purchase. What is the level of cover for Boldon conveyancing?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between HSBC Bank and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
When it comes to lenders such as Santander, do Boldon lawyers face a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
My husband and I are 3 weeks into a leasehold purchase having been recommend to solicitors by the estate agent to execute conveyancing in Boldon. I am am extremely frustrated with the quality of service. Could you you assist me in finding new lawyers?
They would have to be really poor in order to consider replacing them. Has the loan offer been generated? If so you need to make them aware of the new contact details and have the offer are issued to the new lawyers. Your conveyancer needs to be on the lenders panel to avoid added expenses and frustration. That should be your first question of the new lawyers. The find a solicitor tool can assist you in finding a lender approved solicitor for your conveyancing in Boldon
Having had my offer accepted I require leasehold conveyancing in Boldon. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Boldon - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Boldon - Sample of Questions you should ask before Purchasing
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Is there a share of the freehold? How much is the annual maintenance fee and ground rent?