I am 4 weeks into the sale of my apartment in Northam and the EA has just called to advise that the buyers are switching law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Northam ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 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 not going to have any impact on this.
What happens if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Northam?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a terrace house in Northam. Our aim is to an extension at the rear at the property.Will legal investigations on the property include investigations to see if these alterations are prohibited?
Your property lawyer will review the registered title as conveyancing in Northam can on occasion reveal restrictions in the title deeds which prevent categories of changes or require the consent of another owner. Some works need local authority planning permissions and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these issues with a surveyor ahead of any purchase.
We expect to receive a OIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any Northam solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Northam solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I have decided to exercise my right to buy my property in Northam off the council. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Northam?
Unless a prior acquisition of the property completed post 12 October 2013 you can take it that conveyancing practitioners handling conveyancing in Northam to continue to suggest a chancel search and or chancel repair liability insurance.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Northam I like with open areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Northam in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am 17 days into a freehold purchase having been directed to conveyancers by the high street agent to do our conveyancing in Northam. I am not happy. Can you you assist me in finding new solicitors?
They would have to be very poor to suggest replacing them. Has your mortgage been issued? In the event that it has you need to inform them of the new contact details and get the loan are re-issued. Your solicitor ideally needs to be on the mortgage company approved list to avoid escalating fees and frustration. So that should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a bank approved conveyancer for your conveyancing in Northam