I am five weeks into the sale of my maisonette in Shepton Mallet and the EA has just text me to warn that the buyers are changing their conveyancer. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to select to handle their conveyancing in Shepton Mallet ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 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. Your purchasers are not going to have any sway in the decision.
How does conveyancing in Shepton Mallet differ for new build properties?
Most buyers of new build property in Shepton Mallet contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Shepton Mallet usually acquire the real estate, 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 conveyancers 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 Shepton Mallet or who has acted in the same development.
I decided to have a survey completed on a property in Shepton Mallet ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend not grant a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Shepton Mallet. Conveyancing will be smoother if you use a solicitor in Shepton Mallet especially if they regularly deal with such properties in Shepton Mallet.
Is it possible to switch firm as I need to instruct one who is on the Lloyds TSB Bank conveyancing list. I instructed a family conveyancing solicitor in Shepton Mallet five minutes from me but the firm is not approved by Lloyds TSB Bank
It would be our pleasure to assist you find a conveyancing solicitor in Shepton Mallet on the Lloyds TSB Bank panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Shepton Mallet. In utilising search facility on this page, you can scrutinise fees for conveyancing solicitors in Shepton Mallet and throughout England and Wales.
My uncle has urged me to appoint his conveyancing solicitors in Shepton Mallet. Should I choose my own property lawyer?
There are no two ways about it it’s preferable to choose a conveyancing practitioner is to get feedback from friends or relatives who have used the firm that you are considering.
How much experience do your Shepton Mallet conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Shepton Mallet conveyancing lawyers help thousands of people move home every year and helped plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Shepton Mallet conveyancers have worked on recent similar matters.