I am in the process of selling my home in Castle Donington and the EA has just telephoned to advise that the buyers are appointing a new solicitor. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Castle Donington ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. 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. Your purchasers are not going to have any impact on this.
We note that you have a search directory identifying law firms on the Co-operative conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Castle Donington?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Castle Donington.
If you had a top tip for selecting a conveyancing solicitor in Castle Donington what would it be?
Do not opt for the cheapest Castle Donington conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
Are all Castle Donington Conveyancing Quality Solicitors on the Barclays conveyancing list of approved firms?
A selection of lenders now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
My sealed bid on a property in Castle Donington has been accepted, the owners do nevertheless have a connected purchase. The sellers have put an offer on a property, however it’s not yet agreed to, and are looking at other flats booked. I have instructed a high street conveyancing solicitor in Castle Donington. What do I do now? When do I get the mortgage application with Clydesdale going?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Castle Donington conveyancing search fees, etc). First, you should ensure that your lawyer is on the Clydesdale conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market many home buyers would apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to proceed with searches.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Castle Donington I like with amenity areas and station in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Castle Donington in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Should I appoint a Castle Donington conveyancing solicitor in close proximity to the house I am purchasing? We have a good friend who can deal with the legal formalities however they are based 300miles drive away.
The benefit of a local Castle Donington conveyancing practice is that you can attend the office to execute documents, deliver your ID and apply pressure on them if necessary. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and the majority were impressed that should outweigh using an unknown Castle Donington conveyancing solicitor solely due to them being round the corner.
I am looking for Castle Donington conveyancing quotes online. Can I be confident that all the Castle Donington law firms that are identified on your site are on the lender conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Castle Donington conveyancing solicitor being on the lender conveyancing panel is not accurate.