I am progressing with the sale of my house in Darlington and the estate agent has just text me to advise that the buyers are appointing a new law firm. The excuse is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to select to handle their conveyancing in Darlington ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened 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 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. Your buyers are not going to have any impact on this.
We're in Darlington, First timers buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Darlington. Do I pick up the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Darlington?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I am currently in the process of buying my council flat in Darlington. I have a mortgage offer with Kent Reliance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
Our sealed bid on a property in Darlington has been agreed to, the sellers do nevertheless have a connected purchase. The vendors have offered on a property, however it’s not yet agreed to, and have viewings of other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Darlington. What should be my next step? At what stage do I apply for the mortgage with Barclays?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then valuation, Darlington conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Barclays conveyancing panel. As to the subsequent phase this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a buoyant market some buyers will apply for a home loan with Barclays and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with the conveyancing in Darlington.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Darlington I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Darlington for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My husband and I are first time buyers - had an offer accepted, yet the selling agent informed us that the owners will only issue a contract if we use the agent's recommended conveyancers as they are insisting on an ‘expedited deal’. We would rather use a high street solicitor who is familiar with conveyancing in Darlington
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', alienating a genuine purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Darlington conveyancing solicitors - rather thanthe ones that will provide their negotiator at the agency a referral fee or achieve conveyancing thresholds set by head office.
My wife and I have agreed a price on a Darlington flat we inherited six years ago in 2011. I have over ten years conveyancing know-how and, now retired, wish to carry out the legal work. The purchaser's conveyancing practitioner has informed me that their mortgage company will not allow us to do our own conveyancing mandating that the funds to be sent to a solicitor's bank account.
Mortgage requirements to lawyers from all CML members state that If the seller does not have legal representation the borrower's lawyers should check whether the mortgage company needs to be notified so that a decision can be reached if they are prepared to move forward.