I am six weeks into the sale of my home in Colne and the EA has just telephoned to warn that the purchasers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Colne ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks blame a rise in fraud by way of justification 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 says it is being contacted daily by practices 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 sway in the decision.
My bid for a property was accepted at auction in Colne. Conveyancing is required. What happens now?
Now that you have exchanged you should retain a conveyancing practitioner quickly as you are facing a tight deadline in which to complete the purchase. All auction property should have a corresponding auction set of papers. This should include evidence of title and search results. In the case of leasehold property the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You need to hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
A colleague advised me that in purchasing a property in Colne there may be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Colne which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Colne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a DIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Colne solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Colne solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Colne?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Colne. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a leasehold apartment up to £195,000 and identified one near me in Colne I like with open areas and station nearby, however it only has 61 years unexpired on the lease. There is not much else in Colne in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I'm remortgaging my primary home to a BTL mortgage with Nationwide Building Society and I will use the rest of the raised equity towards a second house. The location we are talking about is Colne. Will your lawyers be able to act for the two mortgage companies and link together the conveyances?
Make use of our comparison tool on this page to ensure that the conveyancers are approved by both lenders. On the basis that they are your conveyancer will be able to simultaneously deal with the two transactions but you should have a chat with you solicitor and specify your desired outcome and needs.
Should I instruct a Colne conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can perform the legal formalities but they are based approximately 350miles away.
The primary upside of using a local Colne conveyancing practice is that you can pop in to execute paperwork, deliver your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were content that must surpass using an unfamiliar Colne conveyancing lawyer solely due to them being Colne based.