I am progressing with the sale of my ground floor flat in Colsterworth and the estate agent has just e-mailed to say that the purchasers are appointing a new solicitor. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Colsterworth ?
UK lenders 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Some 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. Your purchasers are unlikely to have any sway in the decision.
I am buying a terraced house in Colsterworth. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Colsterworth you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Colsterworth.
A relative recommended that if I am purchasing in Colsterworth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Colsterworth conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Colsterworth around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Colsterworth.
Due to the input of my in-laws I had a survey completed on a house in Colsterworth prior to retaining lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not grant a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different instructions from Halifax. If you call us we can check with 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 Colsterworth. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm refinancing my primary house to a BTL loan with The Mortgage Works and intend to use the remaining equity as a deposit on a second property. The location we are talking about is Colsterworth. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?
Do use our comparison tool on this site to be sure that the solicitors are approved by both lenders. On the basis that they are the conveyancer should be able to tie up the two transactions but you should talk with you solicitor and communicate your expectations and needs.
I have miscalculated my finances and am a couple of grand short a 10% deposit on my flat purchase in Colsterworth , but I still want to proceed. Do I have options?
One option is to try and agree a lower deposit. Many sellers will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment