I am selling my apartment in Cudworth and the EA has just text me to say that the buyers are swapping property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Cudworth ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 hearing daily from firms 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.
When will exchange of contracts happen for sale conveyancing in Cudworth and am I required to be at the solicitors branch?
Where you are local to our conveyancing solicitors in Cudworth you are invited in to sign contracts. That being said, the firms we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when communicating with you digitally. The executing of the contract is not the point of no return. A signed contract simply enables the firm to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cudworth)to be in the office at the appropriate time.
How does conveyancing in Cudworth differ for newly converted properties?
Most buyers of new build residence in Cudworth approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Cudworth usually purchase the site, 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 accustomed to new build conveyancing in Cudworth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Cudworth is where the house is located. Is there any advice you can impart?
Flying freeholds in Cudworth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cudworth you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cudworth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to instruct a conveyancing solicitor in Cudworth for my house move. Is it possible to see a firm’s record with the profession’s regulator?
Anyone can find published Solicitor Regulator Association (SRA) decisions stemming from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training purposes.
Are all Cudworth law firms on every bank conveyancing panel?
You can use our search tool or you can pop into your high street bank branch in Cudworth. Chances are that they will know some good conveyancing solicitors in Cudworth