I am selling my ground floor flat in Selby and the estate agent has just called to warn that the purchasers are switching solicitor. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Selby ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed 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 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. The buyers are not going to have any sway in the decision.
I am in the process of refinancing my property in Selby, does my lawyer need to be on the Nottingham Solicitor panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
What does a local search inform me regarding the house we're buying in Selby?
Selby conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search plays an important part in many a Selby conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Selby is where the house is located. Is there any advice you can give?
Flying freeholds in Selby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Selby you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Selby may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Given that I am about to spend hundreds of thousands of pounds on a terraced house in Selby I would like to talk to a conveyancer concerning thehouse move prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we encourage - we would be happy to talk to you we do not take any clients on without you liaising with the lawyer who will be conducting your conveyancing in Selby.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Selby should be the figure that you are charged.
Is there a reason that Selby conveyancing charges differ for leasehold and freehold properties?
Inevitably there is more work needed for leasehold conveyancing. Selby has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.