I am selling my apartment in Astwood Bank and the EA has just text me to advise that the purchasers are switching conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. Why would a big named lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Astwood Bank ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Your purchasers are unlikely to have any impact on this.
We're in Astwood Bank, First time buyers buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Just had an offer accepted on a new build apartment in Astwood Bank. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Astwood Bank
Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants.
Due to the input of my in-laws I had a survey completed on a property in Astwood Bank in advance of retaining lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some banks tend refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Astwood Bank. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I am about to spend hundreds of thousands of pounds on a property in Astwood Bank I wish to talk to a solicitor about myhouse move before giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you first talking to the lawyer who will be carrying out your property ownership legalities in Astwood Bank.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in Astwood Bank should be the amount on the final invoice that you are charged.