I am progressing with the sale of my house in Woolton and the EA has just text me to advise that the buyers are appointing a new conveyancer. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Woolton ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 buyers are not going to have any impact on this.
I am looking to buy a property and require a conveyancing solicitor in Woolton who is on the Santander approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Santander in certain locations such as Woolton. We dont recommend any particular firm.
My bid for a property was accepted at auction in Woolton. Conveyancing is needed. What is next?
Given that you are now exchanged you must appoint a conveyancing solicitor as a matter of priority as you now have a pending a fixed date to complete the deal. All auction property should have a bespoke legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You should hand this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
When it comes to lenders such as Clydesdale, do Woolton solicitors face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am selling my house. I had a double glazing fitted in September 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nationwide are being a right pain. The Woolton solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Woolton differ for newly converted properties?
Most buyers of new build premises in Woolton approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Woolton tend to buy 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 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 Woolton or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Woolton I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Woolton for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I was recommended by a few property agents in Woolton to locate a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to market your site ahead of a competitor’s?
We refuse to make any commission for sending work our way. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.