I am 3 weeks into the sale of my house in Waltham and the estate agent has just telephoned to advise that the buyers are changing their law firm. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Waltham ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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. Some 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 buyers are unlikely to have any sway in the decision.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Waltham?
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 for a fee.
The estate agent has sent us the confirmation of our purchase of a new build flat in Waltham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Waltham
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
Due to the guidance of my in-laws I had a survey completed on a property in Waltham prior to appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some banks may not give a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Waltham. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it possible to change conveyancer as I have to instruct one who is on the Lloyds TSB Bank conveyancing list. I hired a local conveyancing solicitor in Waltham round the corner but she is not accepted by Lloyds TSB Bank
We will our best to assist in finding you a conveyancing solicitor in Waltham on the Lloyds TSB Bank panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in Waltham. In utilising search facility on this website, you can contrast costs for conveyancing solicitors in Waltham and beyond.
My husband and I are four weeks into a residential purchase having been recommend to solicitors by the high street agent to perform conveyancing in Waltham. We are not happy. Can you help me find new solicitors?
They would need to be very bad to suggest replacing them. Has your mortgage offer been generated? If so you must advise them of the new contact details and get the loan are re-issued. Your solicitor ideally should be on the lenders panel to avoid added fees and complications. So that should be your starting point. Our search tool can assist you in finding a lender approved solicitor for your home move in Waltham