I am nearing exchange of contracts for my flat in Westbury Park and the estate agent has just e-mailed to say that the buyers are changing their solicitor. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to choose for their conveyancing in Westbury Park ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed 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. 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 purchasers are unlikely to have any sway in the decision.
We see that you have a search directory identifying solicitors on the Virgin Money conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Westbury Park?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Westbury Park.
I had intended to instruct a conveyancing solicitor in Westbury Park for our house purchase. Our financial adviser informed us that our mortgage lenders Santander won't deal with them. Surely this is unfair competition?
A mortgage company can insist on an approved solicitor act for it. You would be liable to bear the charges for this. Do use our search facility to get a quote from a solicitor to conduct conveyancing in Westbury Park on the Santander conveyancing panel.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Westbury Park solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Westbury Park surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
RBS have agreed my mortgage in principle, my offer on a apartment in Westbury Park has been accepted, now what?
Your estate agent will wish to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Telephone RBS or your broker and finish off any outstanding forms. RBS will instruct a valuer who will get in touch with the estate agent or seller to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. RBS will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Westbury Park.
Our offer on a house in Westbury Park has been accepted, the sellers do however have an associated purchase. The owners have offered on a flat, but it’s not yet tied up, and are looking at other apartments booked. I have instructed a nearby conveyancing solicitor in Westbury Park. What do I do now? At what point should I apply for the mortgage with Virgin Money?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, Westbury Park conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the Virgin Money approved list. Regarding the next phase this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a rising market the majority of purchasers will apply for a home loan with Virgin Money and arrange for the valuation and only if it comes back ok would they pay their property lawyer to proceed with searches.
Is there anything unique about your site and other internet conveyancing solicitors for conveyancing in Westbury Park?
At this site receive a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that understands the issues for your conveyancing in Westbury Park. Unlike many estate agents and brokerage sites we do not operate kick-back arrangements with solicitors. Some agents and online brokers 'recommend' solicitors paying the most kickback, not the best value conveyancing in Westbury Park
My father-in-law has urged me to use his conveyancing solicitors in Westbury Park. Should I find my own conveyancer?
No doubt the ideal way to choose a conveyancing solicitor is to seek guidance from friends or relatives who have actually experience in using the conveyancer you're considering.