I am progressing with the sale of my house in Chorley and the estate agent has just text me to warn that the buyers are swapping conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a major mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Chorley ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. Some 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 buyers are not going to have any sway in the decision.
Our lawyer has uncovered a a legal deficiency with the lease for the flat we are buying in Chorley. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender provisions have to be complied with.
My apartment in Chorley is up for sale and I have a buyer. Will the conveyancer need to be required to be on the Bank of Ireland conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
How does conveyancing in Chorley differ for new build properties?
Most buyers of new build premises in Chorley contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Chorley typically buy 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 conveyancing solicitors 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 Chorley or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Chorley before instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks will refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chorley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chorley to see if the conveyancing will be more expensive.
What is the difference between surveying and conveyancing in Chorley?
Conveyancing - in Chorley or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the purchase price down or asking the seller to fix the problems before you complete your move.