I am in the process of selling my house in Pewsey and the EA has just telephoned to advise that the purchasers are changing their solicitor. The excuse is that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Pewsey ?
UK lenders have always had an approved set of law firms they are willing 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 worked with them for more than 15 years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 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. The purchasers are unlikely to have any sway in the decision.
What happens if my lawyer’s firm is suspended from the Clydesdale Solicitor panel ahead of completing my conveyancing in Pewsey?
The first thing to point out is that, this is very unlikely to happen. 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 looking for a flat up to £195,000 and identified one round the corner in Pewsey I like with amenity areas and station nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Pewsey suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could 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 speak to your conveyancing solicitor regarding this.
Are there any apps to assist me to locate a Pewsey solicitor on the Nottingham Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 20miles to meet the conveyancer.
You can use the search on this website. Please select a mortgage company and your location and you will see a number of Pewsey conveyancing lawyers locally. We have detailed some Pewsey conveyancing firms towards the end of this page and you can call them to verify whether they are on the Nottingham Building Society approved list
In surfing the world wide web for the phrase conveyancing in Pewsey it shows results of many property lawyerslocally. With so much choice what is the best way to find the right solicitor for purchase transaction?
The ideal way of seeking the right conveyancer is through a trusted testimonial, so enquire of friends and family who have bought a property in Pewsey or a reputable estate agent or financial adviser. Fees for conveyancing in Pewsey differ, so it's advisable to secure a minimum of three quotes from different property lawyers. Be sure to seek confirmation what costs in the quote includes.
What type of property do your Pewsey conveyancing quotes relate to?
The quotes supplied are only relevant to standard domestic property in England & Wales. Should you have any different needs for example industrial or agricultural land or commercial conveyancing in Pewsey you should telephone us to address this further .