I am selling my ground floor flat in Broughton Astley and the EA has just called to advise that the purchasers are changing their property lawyer. The reason given is that the bank will only deal with solicitors on their approved list. Why would a major mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Broughton Astley ?
Mortgage companies have always had an approved set of law firms that can act for them, 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 more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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 purchasers are unlikely to have any sway in the decision.
About to place an offer on a leasehold apartment in Broughton Astley. The selling agents assure me that it is standard for flats in Broughton Astley to have less than 75 years remaining. I am taking out a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has Seventy One years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/4/2024 the requirements read as follows :
We previously appointed conveyancers based in Broughton Astley on the Kent Reliance solicitor approved list. They are now charging me an additional fee for the legal aspects of the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. The fee is not dictated by Kent Reliance but by your Broughton Astley solicitor. Some firms on the Kent Reliance panel will quote an ‘acting for lender’ fee and others do not.
After shopping around on the internet I have found a Broughton Astley solicitor having checked that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Broughton Astley postcode. As you are getting a mortgage with Leeds Building Society, you could contact them to see if they have a list of approved surveyors in Broughton Astley.
Our sealed bid on a house in Broughton Astley has been agreed to, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Broughton Astley. What do I do now? When should I get the mortgage application with Yorkshire BS going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Broughton Astley conveyancing search charges, etc). First, you should check that your lawyer is on the Yorkshire BS conveyancing panel. Concerning the next stages this very much dictated by the specifics of your transaction, motivation for this property and on the state of the market. In a hot market the majority of home buyers would apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their lawyer to proceed with the conveyancing in Broughton Astley.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a house in Broughton Astley? or I am told that there is a law dating back centuries that means some house owners living in a parish church boundary will be compelled to pay for repairs to the chancel within the church. Is this applicable for conveyancing in Broughton Astley?
Unless a previous purchase of the property completed post 12 October 2013 you may expect lawyers handling conveyancing in Broughton Astley to continue to recommend a chancel search and or insurance against a claim.
In scouring the web for the term conveyancing in Broughton Astley it shows results of numerous property lawyersin the vicinity. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The ideal way of finding a suitable conveyancer is through a trusted referral, so seek the guidance of friends and relatives who have bought a property in Broughton Astley or a respected estate agent or financial adviser. Costs for conveyancing in Broughton Astley differ, so it's sensible to request at least three estimates from different companies. Make sure that you clarify what costs in the quote includes.