I am in the process of selling my home in Northleach and the EA has just called to advise that the buyers are swapping property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only work with certain law firms rather the firm that they want to select for their conveyancing in Northleach ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 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 purchasers are not going to have any impact on this.
Is it possible for conveyancing in Northleach to be finalised in two weeks?
First, If the seller is applying time constraints to sign contracts it is highly recommended that your lawyer is familiar with the location as they will benefit local relationships and intelligence. It is possible that they may have handled previoushouses in the same road. You would be best advised to use a Northleach conveyancing lawyer. In addition, ensure that the conveyancing firm is on the lender panel. It is believed that 18% of Northleach conveyancing transactions are held up or derailed after discovering a purchaser’s solicitor was not on their mortgage lender’s member panel. This can often result in the conveyancing being held up by as much as three weeks. It is understood that this issue impacts approximately 100,000 home moves annually. Many Northleach conveyancing practices can not represent certain lenders so do check as early as possible.
Can you point me to a directory of Lloyds panel conveyancers in Northleach on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings visible on the web. Where you are looking for a Northleach conveyancer on the Lloyds please use our facility.
I'm spending time looking at houses in Northleach and I am about to put in an offer. Is it best to have my lawyer on ‘stand by’? I am planning to take a mortgage with Kent Reliance.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are taking out a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Northleach solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Northleach surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Northleach differ for newly converted properties?
Most buyers of new build residence in Northleach contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Northleach typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Northleach or who has acted in the same development.
I am looking to sell my home. My past solicitors has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Northleach if that makes a difference.
Do use our search tool to help you choose a solicitor for your conveyancing in Northleach. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.
What are your top tips when it comes to appointing a Northleach conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Northleach conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Northleach conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions has the firm conducted in Northleach in the last year? What are the legal fees for lease extension conveyancing?
Northleach Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Plenty Northleach leasehold apartments will have a service bill for the upkeep of the block levied by the landlord. Should you buy the property you will have to meet this charge, normally in instalments during the year. This could differ from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent to be met annual, this is usually not a significant figure, say around £25-£75 but you need to enquire as sometimes it could be many hundreds of pounds. You should be aware if it is less than eighty years it will affect the salability of the flat. Check with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would be be obliged to have owned the property for a couple of years in order to be entitled to extend the lease. On the whole the cost for major works are not incorporated into the service charges, although a few managing agents in Northleach obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for larger works.