I am nearing exchange of contracts for my house in Foots Cray and the EA has just called to warn that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a leading lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Foots Cray ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened 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. 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. The buyers are unlikely to have any impact on this.
My Solicitor in Foots Cray is not listed on the Coventry Building Society Approved Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Coventry Building Society list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Foots Cray lawyers but Coventry Building Society will need to instruct a conveyancer on their panel. This will inevitably rack up the total conveyancing fees as well as cause delays.
- Choose an alternative solicitor to to deal with the purchase, remembering to check they are on the Coventry Building Society panel
Last month we had a mortgage agreed in principle with Lloyds. Foots Cray conveyancing lawyers are appointed. How long does it take for Lloyds to issue the offer to the lawyer?
There is no definitive answer here. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Foots Cray lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I was told three weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Foots Cray is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
About to purchase a new build apartment in Foots Cray. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Foots Cray
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I opted to have a survey carried out on a house in Foots Cray before instructing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks may not give a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Foots Cray. Conveyancing may be slightly more expensive based on your lender's requirements.
How easy is it to use your search facility to get a costs illustration from a conveyancing practitioner in Foots Cray on the authorised to act for my bank?
Step one is to select a lender such as Accord Mortgages Ltd, Leeds Building Society or Aldermore then type in your location such as Foots Cray. Conveyancing practices in Foots Cray and across England and Wales should be shown.