I am one month into the sale of my ground floor flat in Bowthorpe and the estate agent has just text me to advise that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Bowthorpe ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. 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 unlikely to have any sway in the decision.
Would the conveyancing practitioners revealed via your ’find a lawyer’ tool carry out right to buy conveyancing in Bowthorpe?
We work with a variety of conveyancing practitioners who can handle right to buy conveyancing matters You should e-mail us with a view to secure a costs calculation.
My wife and I purchasing a 4 bedroom semi-detached house in Bowthorpe. The intention is to convert the garage to a playroom at the property.Will legal conveyancing on the property involve enquiries to determine if these works are allowed?
Your solicitor will review the registered title as conveyancing in Bowthorpe can occasionally identify restrictions in the title documents which restrict categories of changes or need the permission of a 3rd party. Some works call for local authority planning consent and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
When it comes to lenders such as UBS, do Bowthorpe conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I have instructed a Bowthorpe solicitor having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Bowthorpe surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have recentlyfound out that Stirling Law have closed. They conducted my conveyancing in Bowthorpe for a purchase of a leasehold flat 18 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bowthorpe conveyancing specialists.
How does conveyancing in Bowthorpe differ for new build properties?
Most buyers of new build residence in Bowthorpe contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Bowthorpe typically purchase the site, 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 Bowthorpe or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Bowthorpe prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks may refuse to grant a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bowthorpe. Conveyancing will be smoother if you use a solicitor in Bowthorpe especially if they are accustomed to such properties in Bowthorpe.