I am nearing exchange of contracts for my home in Thurston and the EA has just text me to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Thurston ?
UK lenders have always had panels of law firms that can represent 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.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 impact on this.
Is there a reason why leasehold purchase conveyancing in Thurston costs more?
In short, leasehold conveyancing in Thurston and Suffolk usually necessitates more hours of investigation compared to freehold transactions. This includes reviewing the lease, communicating with the landlord concerning the service of applicable notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
How does conveyancing in Thurston differ for newly converted properties?
Most buyers of new build residence in Thurston come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Thurston usually buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Thurston or who has acted in the same development.
Do I need to be concerned about third parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a High Street Thurston conveyancing practice?
As is the case with lots of service providers, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, financial adviser and lenders may suggest lawyers to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to select your own lawyer. Don't forget that the majority of mortgage providers specify a panel list of solicitors you have to use for the lender aspect of your transaction.
In searching the internet for the phrase cheap conveyancing in Thurston it brings up many solicitorsin the vicinity. How do I determine which is the right conveyancing solicitor for the sale of my house?
The ideal method of finding a suitable conveyancer is via trusted recommendation, so ask friends and those you trust who have purchased a property in Thurston or the reputable estate agent or mortgage broker. Costs for conveyancing in Thurston vary, so it's advisable to secure at least four fee calculations from varying types of solicitors. Dont forget to clarify that the costs are assured not to increase.
My wife and I are purchasing a garden flat in Thurston. When we first instructed solicitor, they assured us that they were on all mainstream bank panels. Our financial adviser called yesterday to advise that they are not on the Leeds Building Society approved list. If it turns out to be true, what should we do? Should we simply choose a different solicitor that is on their approved list or should we pay for separate representation, with Leeds Building Society selecting their own approved solicitor.
When acquiring a property with mortgage finance it is normal for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancer has to satisfy. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Leeds Building Society and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Leeds Building Society's conveyancing panel as you are at liberty to use your preferred Thurston lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.