I am progressing with the sale of my house in Marchington and the estate agent has just text me to say that the buyers are switching property lawyer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select for their conveyancing in Marchington ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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. The buyers are unlikely to have any impact on this.
Would the conveyancing practitioners revealed via your search tool carry out right to buy conveyancing in Marchington?
We do have plenty of conveyancing firms who can service right to buy conveyancing You should contact the lawyers listed with a view to obtain a conveyancing quote.
Why do I have to pay up front when it comes to conveyancing in Marchington?
If you are buying a property in Marchington your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this will be needed immediately prior to contracts are exchanged. Any further balance that is needed should be sent to your lawyer shortly before completion.
My Conveyancer in Marchington has never been on on the National Westminster Bank Conveyancing Panel. Can I still continue with my prefered solicitor notwithstanding that they are excluded from the National Westminster Bank list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Marchington solicitors but National Westminster Bank will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees and result in frustration.
- Choose a new practitioner to to deal with the conveyancing, obviously checking they are on the National Westminster Bank panel
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Marchington I like with open areas and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Marchington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
My estate agent has suggested using their conveyancer for our conveyancing in Marchington - Is it not simpler easier to just use them?
You need to establish if the selling agent is recommending a lawyer or introducing to a conveyancing practitioner. There are plenty of Marchington selling agents who recommend two or three Marchington conveyancing firms and get nothing from it.