I am selling my flat in Clayton-le-Moors and the estate agent has just e-mailed to say that the buyers are swapping property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Clayton-le-Moors ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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. Plenty of firms do not even realise 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 impact on this.
We wanted to use a conveyancing solicitor in Clayton-le-Moors for our house move. Our financial adviser informed us that our mortgage lenders Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
Mortgage Companies in the main restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that a law practice must have two or more partners. In addition to restricting the type of firm, a few banks have reduced the amount of solicitor practices they allow to represent them. Be aware that Yorkshire Building Society have no responsibility for the quality of advice provided by any member of Yorkshire Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there remains differing opinions concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Clayton-le-Moors only conduct a couple conveyances per annum.
I require fast conveyancing in Clayton-le-Moors as I am under a deadline to exchange contracts in less than one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
As you are not taking a home loan you have the choice not to have searches carried out although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Clayton-le-Moors the following are examples of what can appear and therefore affect future mortgageability: Enforcement Actions, Overdue Fees, Outstanding Grants, Railway Schemes,...
Me and my brother purchased a semi-detached Edwardian property in Clayton-le-Moors. Conveyancing lawyer represented me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the exact same address. Is it worth asking Bank of Scotland to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Clayton-le-Moors and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing lawyer who carried out the work.
How does conveyancing in Clayton-le-Moors differ for new build properties?
Most buyers of new build premises in Clayton-le-Moors approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Clayton-le-Moors usually buy 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 accustomed to new build conveyancing in Clayton-le-Moors or who has acted in the same development.
I'm refinancing my existing home to a BTL loan with Alliance & Leicester and I will use the rest of the raised equity as a deposit on further property. The location we are talking about is Clayton-le-Moors. Will your lawyers be able to act for both sets of mortgage companies and link together the conveyances?
Do use our comparison tool on this site to be sure that the conveyancers are approved by both lenders. Having checked that they are your solicitor should be able to tie up the two deals but you should talk with you solicitor and make apparent your desired outcome and requirements.