I am nearing exchange of contracts for my maisonette in Dersingham and the estate agent has just text me to advise that the purchasers are changing their law firm. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a major lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Dersingham ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed 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. Some 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 purchasers are unlikely to have any impact on this.
We were just about to exchange contracts for a leasehold flat in Dersingham. We encountered a snag. The loan offer with Barclays runs out on 29/9/2025 but the owners are putting forward a completion date of 1/10/2025. Is it possible to prolong the mortgage expiry date?
The person best placed to address this question is your solicitors who is in a position to determine whether he or she is should be discussing with the bank, vendor’s representatives, estate agents or indeed all three given what has gone on in your transaction as of today.
We're in Dersingham, First time buyers buying with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore 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.
Due to the input of my in-laws I had a survey completed on a property in Dersingham before instructing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders may refuse to grant a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dersingham. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Dersingham cover?
Dersingham conveyancing for business premises covers a wide range of guidance, supplied by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Am I better off to go with a Dersingham conveyancing practitioner who is local to the property I am buying? We have a good friend who can perform the legal work however her office is approximately 350miles away.
The benefit of a high street Dersingham conveyancing practice is that you can drop in to sign documents, hand in your ID and apply pressure on them if necessary. Having local Dersingham know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were content that should surpass using an unfamiliar Dersingham conveyancing lawyer just because they are local.