I am 4 weeks into the sale of my maisonette in Redruth and the estate agent has just e-mailed to warn that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Redruth ?
Banks have always had an approved set of law firms that can represent 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 worked with them for decades.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. 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.
Can conveyancing in Redruth to be done in under 3 weeks?
First, If the seller is applying time constraints for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will benefit local contacts and intelligence. It is even conceivable that they may have handled otherproperties in the same road. Therefore consider using a Redruth conveyancing solicitor. In addition, check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Redruth conveyancing transactions are held up or derailed after finding out that a buyer’s conveyancer was not on their banks list of approved solicitors. This can often result in the transaction being frustrated by an average of 21 days. It is estimated that this issue affects approximately one hundred thousand home sales every year. Many Redruth conveyancing practices can not represent certain banks so do check as early as possible.
Is there a search tool that I can use to discover of the solicitor conducting my conveyancing in Redruth is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Accord Mortgages Ltd thus spending £187.00 plus VAT in additional conveyancing costs.
Feel free to make the most of the search tool on this web page. Please choose the lender and type ‘Redruth’ or your location and you will be presented with a number of lawyer based in Redruth or near you.
My partner and I have organised a further advance on our home loan from Santander as we wish to conduct alterations to our home in Redruth. Do we need to appoint a high street Redruth solicitor on the Santander conveyancing panel to deal with the legals?
Santander don't usually appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
Last month we had a mortgage agreed in principle with Kent Reliance. Redruth conveyancing lawyers have been chosen. How long does it take for Kent Reliance to send the offer to the solicitor?
There is no definitive answer here. Have Kent Reliance conducted the survey? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Planning on purchasing a flat in Redruth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Redruth conveyancing practitioner is on the Co-operative conveyancing panel.
I need to appoint a conveyancing solicitor for freehold conveyancing in Redruth. I've stumble across a site which looks to be the perfect solution If it is possible to get all this stuff completed via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a reputable estate agency in Redruth where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Redruth conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Redruth - Sample of Questions you should ask Prior to Purchasing
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How much is the annual service fee and ground rent? Be sure to enquire if the the lease contains any adverse restrictions in the lease. For example it is fairly common in Redruth leases that pets are not permitted in certain buildings in Redruth. If you love the flatin Redruth yet your dog is not allowed to make the move with you then you will be presented with a hard choice.