I am one month into the sale of my maisonette in Burnley and the estate agent has just called to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. Why would a big named mortgage company only work with specific lawyers rather the firm that they want to select for their conveyancing in Burnley ?
Banks 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 worked with them for over 25 years.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 purchasers are not going to have any sway in the decision.
We just had an offer accepted to buy with Earl Shilton BS. We have called around locally but am struggling to find a Burnley conveyancing firm on the Earl Shilton BS panel. Could you help?
Please do take advantage of the find a lender approved solicitor tool on this page. Pick the mortgage company and type Burnley or your location and you will discover a number of lawyer based in Burnley or near you.
We have a mortgage agreed in principle with HSBC. Burnley conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC done the survey? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I'm at the point of looking at apartments in Burnley and I am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Yorkshire BS.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are seeking a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Yorkshire BS for my property in Burnley. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
How does conveyancing in Burnley differ for new build properties?
Most buyers of new build residence in Burnley approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because house builders in Burnley typically acquire 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 accustomed to new build conveyancing in Burnley or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Burnley is the location of the property. Can you offer any guidance?
Flying freeholds in Burnley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burnley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burnley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What happens where there is a problem with one of the searches for my conveyancing in Burnley?
Usually, the majority of issues exposed in Burnley conveyancing search results can be dealt with prior to completion or title insurance may be put on cover. You should remember that although you may be buying the property and may be willing to accept the search results, your mortgage lender may not, and when all said and done the decision rests with them.