I am selling my home in Cotgrave and the EA has just called to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a major mortgage company only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Cotgrave ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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. Your buyers are unlikely to have any sway in the decision.
Can the conveyancing lawyers listed on your site carry out auction conveyancing in Cotgrave?
There are a few niche practitioners we can put you in touch with those specialising in auction conveyancing. Cotgrave is just one of our locations where our lawyers have offices.
How does conveyancing in Cotgrave differ for newly converted properties?
Most buyers of new build residence in Cotgrave contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Cotgrave typically buy 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 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 Cotgrave or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Cotgrave before retaining conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cotgrave. Conveyancing will be smoother if you use a solicitor in Cotgrave especially if they regularly deal with such properties in Cotgrave.
I am intending to let out my leasehold flat in Cotgrave. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Cotgrave do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Cotgrave Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Is there a share of the freehold? Does the lease have onerous restrictions?
How much experience do your Cotgrave conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Cotgrave conveyancing lawyers help thousands of buyers move home every year and supported lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Cotgrave conveyancers have worked on recent similar matters.