I am selling my apartment in Bury and the estate agent has just e-mailed to advise that the buyers are appointing a new conveyancer. The reason given is that the lender will only deal with property lawyers on their approved list. On what basis would a major lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Bury ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, 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 by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 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. Your buyers are not going to have any impact on this.
I am hoping to complete my purchase in Bury next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Bury.
We are looking to buy a house and need a conveyancing solicitor in Bury who is on the Virgin Money approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in Bury.
My wife and I have recently appointed a conveyancing solicitor in Bury. I I am struggling to find out whether they are on the Platform Home Loans Ltd conveyancing panel. Could you advise?
You should contact your lawyer and ask them whether they are on the lender panel. Otherwise you should get in touch with Platform Home Loans Ltd who may be able to assist.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Bury I like with a park and railway links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Bury suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
What tools are available to identify a Bury solicitor on the Clydesdale conveyancing panel? I am a keen cyclist and am willing to travel upto 20kilometers to meet the conveyancer.
You can use the facility on this website. Please pick a bank and your location and you will see a number of Bury conveyancing lawyers located nearest you. We have listed some Bury conveyancing firms towards the end of this page and you can contact them to check if they are on the Clydesdale member panel