I am nearing exchange of contracts for my ground floor flat in Budleigh Salterton and the EA has just telephoned to say that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. On what basis would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Budleigh Salterton ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been stiffened 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 being contacted daily by practices 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 buyers are not going to have any sway in the decision.
We are a couple about to sign contracts for a ground floor flat in Budleigh Salterton. We encountered a snag. The mortgage offer with Bank of Ireland expires on 5/2/2019 but the owners are putting forward a completion date of 7/2/2019. Can one extend the mortgage expiry date?
The best person to address this question is your lawyer who is in a position to determine if they better off negotiating with the bank, vendor’s solicitors, estate agents or possibly all parties based on the history of your transaction to date.
Due to the encouragement of my in-laws I had a survey completed on a property in Budleigh Salterton prior to instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend refuse to give a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Budleigh Salterton. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to use a Budleigh Salterton conveyancing practitioner based in the vicinity that I am buying? We have a good friend who can handle the conveyancing but her office is approximately 350kilometers away.
The benefit of a local Budleigh Salterton conveyancing practice is that you can visit the firm to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were happy that should surpass using an unfamiliar Budleigh Salterton conveyancing solicitor solely due to them being Budleigh Salterton based.
I am purchasing a garden maisonette in Budleigh Salterton. Conveyancing lawyer is waiting for, from the owner, building insurance schedule. This afternoon I was informed that the vendor needs to forward the insurance documents for the flat above also. Why does my conveyancing practitioner want to check the insurance for the other flat? Is it really required? We have been waiting for the last month…
It is not unheard of in leasehold conveyancing in Budleigh Salterton to discover Conveyancing in Budleigh Salterton in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats rather than the freeholder insuring the whole premises - which is clearly better. Do clarify with your conveyancer but it would seem that your property lawyer is looking to establish that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated for lack of insurance cover.