I am selling my maisonette in Bodfari and the EA has just telephoned to warn that the buyers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Bodfari ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions attribute this action to a rise in fraud by way of justification 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 says 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. The purchasers are unlikely to have any impact on this.
As I am unsure how the conveyancing bit works what is the most important piece of guidance you can give me regarding purchase conveyancing in Bodfari?
You may not hear this from too many lawyers but conveyancing in Bodfari or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is plenty of opportunity for conflict between you and others involved in the house moving process. E.g., the vendor, estate agent and even potentially a bank. Choosing a solicitor for your conveyancing in Bodfari an important selection as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to act in your legal interests and to protect you.
On occasion a third party with a vested interest may attempt to sway you that you should follow their advice. For example, the selling agent may claim to be assisting by claiming that your solicitor is dragging his heels. Or your mortgage broker may try to convince you to do something that is against your solicitors guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Due to the input of my in-laws I had a survey completed on a property in Bodfari prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bodfari. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bodfari to see if the conveyancing costs will increase in light of this.
How do I identify a Bodfari law firm on the Platform Home Loans Ltd conveyancing panel? I drive a motor bike and am prepared to travel upto 10miles to meet the lawyer.
You can use the facility on this website. Please select a mortgage company and your location and you will see a number of Bodfari conveyancing lawyers based on proximity. We have listed some Bodfari conveyancing firms at the bottom of this page and you can call them to see if they are on the Platform Home Loans Ltd panel
Should I appoint a Bodfari conveyancing practitioner in close proximity to the house I am hoping to buy? We have a good friend who can handle the legal work but her office is over three hundred kilometers drive away.
The primary upside of using a high street Bodfari conveyancing firm is that you can drop in to execute documents, present your ID and pester them where appropriate. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and on the whole were impressed that must surpass using an unfamiliar Bodfari conveyancing lawyer just because they are round the corner.