I am nearing exchange of contracts for my house in Fenton and the EA has just called to warn that the purchasers are switching law firm. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Fenton ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened 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 claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are not going to have any sway in the decision.
What is the difference between a licensed conveyancer and conveyancing solicitor in Fenton
Two types of professional can carry out conveyancing in Fenton namely licenced conveyancers or solicitors. The two can administer conveyancing services that required to complete the disposal or purchase of property. They are both obliged to handle Fenton conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be properly conducted and that the requirements and procedures will be suitably taken.
When it comes to mortgage companies such as Co-operative, do Fenton solicitors incur a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Two weeks ago we had a mortgage agreed in principle with RBS. Fenton conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS done the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Fenton.
Flooding is a growing risk for solicitors carrying out conveyancing in Fenton. Some people will acquire a property in Fenton, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Fenton. The standard property information forms supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out whether the property has historically flooded. If flooding has previously occurred and is not revealed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an incorrect answer. The purchaser’s solicitors will also conduct an enviro search. This should indicate whether there is any known flood risk. If so, further inquiries will need to be carried out.
The estate agent has sent us the confirmation of our purchase of a new build flat in Fenton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Fenton
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I'm refinancing my existing property to a BTL loan with Virgin Money and intend to use the remaining equity as a down payment on a second house. The neighborhood we are looking at is Fenton. Will your conveyancers be able to act for both sets of mortgage companies and link together the two deals?
Make use of our search tool on this page to be sure that the lawyers are on the appropriate lender panels. On the basis that they are the solicitor should be able to tie up the two transactions but you should have a chat with you solicitor and specify your desired outcome and needs.
Why is it not possible to complete my conveyancing in Fenton on May bank holiday?
This is due to the fact that on completion the money needs to be transferred electronically between the banks of the purchaser and owner’s property lawyer and currently this can only happen on a business day. So you can't complete on a saturday or sunday either.