I can't travel far from Carnforth. Is there a reason why all Carnforth property lawyers are not on all bank panels?
Pre- 2008 most banks demonstrated an approach to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the lawyers on your panel. Consequently, lenders have since looked to extract more information from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the mortgage companies set.
Do the conveyancing practitioners that are recommend handle auction conveyancing in Carnforth?
We know of a few auction practitioners we can put you in touch with those conducting auction conveyancing. Carnforth is just one of the many locations where our lawyers are based.
We're in Carnforth, FTBs purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Carnforth differ for new build properties?
Most buyers of new build or newly converted property in Carnforth contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Carnforth typically buy the land, 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 accustomed to new build conveyancing in Carnforth or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Carnforth prior to appointing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks tend refuse to issue a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Carnforth. Conveyancing may be slightly more expensive based on your lender's requirements.
I have recently had an offer accepted on an apartment in Carnforth and the estate agent that we are dealing with suggested his property lawyer. She quoted £900 including VAT and disbursements. Does this sound expensive?
Don't just go on one quote. One should seek like-for-like quotes for your conveyancing in Carnforth. Then select one that you are comfortable with and just as important, is on the approved list of the bank that you have applied for a mortgage from.