I am selling my maisonette in Cawthorne and the EA has just called to say that the purchasers are changing their conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. Why would a leading lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Cawthorne ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say 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. The purchasers are unlikely to have any impact on this.
Me and my partner are buying a house in Cawthorne. It might be a silly question but how we can trust a lawyer? At some point we have to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Cawthorne Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
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 membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
Our sealed bid on a house in Cawthorne has been agreed to, the owners do however have a dependent purchase. The owners have offered on on an apartment, however it’s not been accepted yet, and are looking at other flats booked. I have chosen a nearby conveyancing solicitor in Cawthorne. What do I do now? When do I get the mortgage application with Nottingham going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Cawthorne conveyancing search fees, etc). First, you should ensure that your property lawyer is on the Nottingham approved list. Concerning the next phase this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. In a hot market many purchasers would apply for a home loan with Nottingham and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with the conveyancing in Cawthorne.
My wife and I purchased a 4 bedroom Edwardian property in Cawthorne. Conveyancing lawyer acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cawthorne and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Cawthorne differ for newly converted properties?
Most buyers of new build or newly converted property in Cawthorne come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Cawthorne typically acquire the site, 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 conveyancers 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 Cawthorne or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Cawthorne ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to grant a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cawthorne. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Cawthorne cover?
Commercial conveyancing in Cawthorne incorporates a wide array of advice, supplied by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.