I am one month into the sale of my home in Coleford and the EA has just e-mailed to advise that the buyers are swapping conveyancer. The reason given is that the mortgage company will only engage with property lawyers 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 Coleford ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders attribute 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 monitor. 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 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.
I have given 8 weeks notice to my current landlord and must vacate my rented apartment in Coleford by the end of next month. Conveyancing on my purchase has just started. Can I complete in 5 weeks as I wish to avoid having to move into temporary accommodation?
Generally one should not provide notice for your letting until your lawyer suggests that you should. Assuming that you have not previously done so, contact to your conveyancer and request that they apply pressure on the sellers solicitors, try to a target completion date that all parties will work towards
Do banks and building societies provide you with an approved list of Coleford conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Coleford conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
How does conveyancing in Coleford differ for new build properties?
Most buyers of new build residence in Coleford approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Coleford tend to acquire 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 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 used to new build conveyancing in Coleford or who has acted in the same development.
I decided to have a survey done on a house in Coleford in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some lenders will not grant a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Coleford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Coleford to see if the conveyancing will be more expensive.
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At this site get an accurate costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Coleford. As opposed to estate agents and many comparison sites we are not in the business of charging firms a commission if you choose them for your conveyancing in Coleford