I am nearing exchange of contracts for my apartment in Parkstone and the estate agent has just text me to advise that the purchasers are switching solicitor. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Parkstone ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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 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. The buyers are unlikely to have any impact on this.
AssumingI were to purchase a simple residential homein Parkstone mortgage fee and dispense with a survey and no local authority searches how much could I expect to to save on my conveyancing in Parkstone?
Any savings you would achieve would be isolated to the Parkstone conveyancing searches. A property lawyer is required to do the vast majority of work - money laundering, correspond with the sellers conveyancing practitioner, stamp duty submission, register the property etc. A slight saving might be made by not having to register a charge however it won't be significant.
Having sold my house in Parkstone last June but the buyer keeps Skype messaging me to say their solicitor is waiting to hear from mysolicitor. What are the post completion sale formalities now that I have sold?
Following your sale your solicitor is duty bound to forward the transfer documentation and all of the paperwork to the buyer’s solicitors. Where relevant, your lawyer should also evidence that the home loan has been repaid to the purchasers solicitors. There are no post completion requirements just for conveyancing in Parkstone.
My uncle pointed out to me me that in purchasing a property in Parkstone there may be various restrictions limiting what one can do in terms of external alterations to a property. Is this right?
There are a number of properties in Parkstone which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Parkstone should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My fiancee and I are in the process of viewing houses in Parkstone and I am now considering a potential offer. Should I already have a conveyancer appointed at this point? I am planning to take a home loan with UBS.
You should start obtaining conveyancing estimates 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 contact information on to the selling agent. Given that you are obtaining a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
I was told three weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Parkstone is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
Am I better off to appoint a Parkstone conveyancing practitioner based in the vicinity that I am purchasing? An old friend can perform the conveyancing but his firm is located approximately 350miles drive away.
The benefit of a local Parkstone conveyancing practice is that you can drop in to execute documents, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were content that should trump using an unknown Parkstone conveyancing solicitor just because they are based in the area.
Me and my husband are selling a Parkstone bungalow we inherited six years ago in 2010. I have over a decades worth of conveyancing knowledge and, although retired, wish to carry out my own conveyancing. The buyer's solicitor has informed me that their mortgage company will not allow us to do our own conveyancing mandating that the funds to be passed via a solicitor's bank account.
Mortgage instructions to conveyancing practitioners from all mainstream lenders state that If the vendor does not have legal representation the purchaser’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made if they are prepared to proceed.