I am in the process of selling my house in Longbenton and the EA has just text me to say that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Longbenton ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 claims that it is being contacted daily by practices 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.
My partner and I swapping mortgage lender for our flat in Longbenton with RBS. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the RBS conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your RBS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to RBS. This is solely used to protect RBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of RBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Will lawyers ask for money up-front for conveyancing in Longbenton?
If you are buying a property in Longbenton your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the sale price then this should be required immediately in advance of exchange of contracts. The closing balance that is due should be transferred shortly before completion.
I have been referred to a conveyancing solicitor in Longbenton. I need to find out whether they are on the Britannia conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing to do is phone your solicitor and ask them if they are on the lender panel. Alternatively please get in touch with Britannia who may be able to assist.
I just bought a flat at auction in Longbenton. Conveyancing is needed. What happens now?
Now that you are legally bound yourself to purchase you should hire the services of a conveyancing solicitor quickly as you are faced with a pending a fixed date to complete the purchase. All auction property should have a bespoke auction set of papers. This should include evidence of title and search results. If you have purchased leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should give this to the solicitor instructed by you as soon as possible. Do make sure that you have funds in order to complete the transaction on the set completion date.
A friend pointed out to me me that in buying a property in Longbenton there may be a number of restrictions prohibiting external alterations to the property. Is this right?
We are aware of anumerous of properties in Longbenton which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Longbenton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My offer on a semi in Longbenton has been accepted, but there is a chain. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Longbenton. What should be my next step? When should I get the mortgage application with Yorkshire BS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then valuation, Longbenton conveyancing search charges, etc). First, you must check that your lawyer is on the Yorkshire BS conveyancing panel. Regarding the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. During a buoyant market the majority of home buyers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with the conveyancing in Longbenton.
My partner and I have just had a bid accepted on our first house in Longbenton, and need to get solicitors instructed. We have utilised the different rating tools and the quotes are from all across the England and Wales. Is it necessary to have a Longbenton property lawyer local to the prospective house? I am happy to do all the communicating electronically, but I guess at some stage we may be required to visit the conveyancer's office to sign documents?
The conveyancing practitioner does not need to be in Longbenton, but opting for local means that you can go in if required, by way of example, if a signature is needed urgently. Also, a Longbenton solicitor is likely to be familiar with local agents and (if the vendor has instructed a local property lawyer) with them, which should help smooth the process.