I am considering applying for a Nottingham mortgage for purchase of a newly converted (under development) in Wellingborough with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
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.
How does conveyancing in Wellingborough differ for new build properties?
Most buyers of new build premises in Wellingborough come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Wellingborough tend to acquire 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 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 Wellingborough or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Wellingborough ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wellingborough. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wellingborough to see if the conveyancing costs will increase in light of this.
I am downsizing from my house. My previous conveyancers closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Wellingborough if that makes things easier.
You should use our search tool to help you choose a solicitor for your conveyancing in Wellingborough. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
My husband and I are FTB’s - agreed a price, yet the selling agent has warned us that the owners will only go ahead if we use the agent's recommended lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local conveyancer used to conveyancing in Wellingborough
We suspect that the owner is unaware of this request. If they desire ‘a quick sale', alienating a serious buyer is not the way to achieve this. Speak to the owners direct and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you will continue to use your own,trusted Wellingborough conveyancing lawyers - not the ones that will provide their negotiator at the agency a commission or hit his conveyancing thresholds demanded by head office.
My son is just in the process of moving home, he had his mortgage in principle. One the offer was accepted on house we contacted the building society to progress the mortgage application. We were very surprised to hear that mortgage companies do not accept all conveyancing practitioner, they must be on their panel, is this correct?
Banks normally restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Wellingborough conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.