I am nearing exchange of contracts for my ground floor flat in Caistor and the estate agent has just called to warn that the purchasers are appointing a new law firm. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named lender only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Caistor ?
Lenders have always had panels of law firms that can act for 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 worked with them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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.
I'm the only beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Caistor. The Caistor property was put into my name in February. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be considered the same way as if I'd bought the property in February. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this requirement chiefly exists to identify subsales or the flipping of property.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Caistor conveyancer on the RBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I had an offer accepted on an apartment in Caistor on 31/1/2025, valuation was booked 2 days after, received a clean bill of health. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Clydesdale and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Clydesdale conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial property in Caistor?
Its becoming the norm that commercial conveyancing solicitors in Caistor will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Caistor. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Caistor.
For every commercial conveyancing transaction in Caistor it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Caistor commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Caistor.
Are there restrictive covenants that are commonly identified as part of conveyancing in Caistor?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Caistor. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Caistor differ for newly converted properties?
Most buyers of new build or newly converted property in Caistor come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Caistor tend to purchase 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 property lawyers 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 Caistor or who has acted in the same development.
I am 17 days into a leasehold purchase having been directed to conveyancers by the selling agent to do our conveyancing in Caistor. We are not happy. Could you help me find new solicitors?
They would need to be very bad to suggest replacing them. Has your loan offer been issued? If so you need to make them aware of the new lawyer and ensure the mortgage documents are re-issued. Your solicitor ideally should be on the lenders panel to avoid added charges and delays. So that should be your first question of the new conveyancers. Our search tool will assist you in finding a bank approved conveyancer for your conveyancing in Caistor