I am nearing exchange of contracts for my flat in Barnoldswick and the EA has just text me to advise that the buyers are changing their conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Barnoldswick ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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. Your buyers are unlikely to have any sway in the decision.
What is the first thing I need to know about purchase conveyancing in Barnoldswick?
You may not hear this from too many lawyers but conveyancing in Barnoldswick or throughout Lancashire is an adversarial process. Put another way, when it comes to conveyancing there exists plenty of room for confrontation between you and other parties involved in the legal transfer of property. E.g., the vendor, selling agent and sometimes your mortgage company. Appointing a solicitor for your conveyancing in Barnoldswick should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the process whose interest is to act in your legal interests and to protect you.
Sometimes a potential adversary may try and convince you that it is in your interests to do things their way. For example, the property agent may claim to be helping by suggesting your solicitor is dragging his heels. Or your mortgage broker may advise you to do take action that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
How does conveyancing in Barnoldswick differ for newly converted properties?
Most buyers of new build premises in Barnoldswick approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Barnoldswick typically buy the site, 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 Barnoldswick or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Barnoldswick is where the house is located. What do you suggest?
Flying freeholds in Barnoldswick are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barnoldswick you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barnoldswick may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it simple use the search facility to get a costs illustration from a conveyancing practitioner in Barnoldswick on the panel for my mortgage?
First select a mortgage company such as HSBC Bank, The Mortgage Works or Bank of Ireland then specify your preferred area for example Barnoldswick. Conveyancing organisations in Barnoldswick and further afield should be listed.