I am in the process of selling my maisonette in Cheetham Hill and the estate agent has just called to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific law firms rather the firm that they want to select for their conveyancing in Cheetham Hill ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud by way of justification for the cull – 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 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 not going to have any impact on this.
Is it possible for conveyancing in Cheetham Hill to be done in 10 days?
In the event that the seller is applying time constraints for your conveyancing we would recommend that your lawyer is familiar with the location as they will benefit local connections and know-how. It is even conceivable that they may have transacted previoushomes in the same neighbourhood. Therefore consider using a Cheetham Hill conveyancing solicitor. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is claimed that just under twenty per cent of Cheetham Hill conveyancing deals are delayed or jeopardised after discovering a purchaser’s solicitor was not on their banks member panel. In many cases this discovery resulted in the legal process being frustrated by an average of three weeks. It is claimed that this issue affects approximately one hundred thousand home moves annually. Almost all Cheetham Hill conveyancing firms can not act for certain lenders so do check as early as possible.
Are the BSA intent on creating a online directory to to identify practices on the Earl Shilton BS conveyancing panel for instance in Cheetham Hill?
We are not aware of any intention on the part of the BSA to develop such a search facility.
My husband and I are 17 days into a freehold purchase having been directed to solicitors by the selling agent to execute conveyancing in Cheetham Hill. I am am very dissatisfied with the level of service. Can you help me find new solicitors?
A conveyancer would need to be very poor to suggest replacing them. Has the loan offer been generated? If so you will need to advise them of the new contact details and ensure the loan are issued to the new lawyers. The conveyancer needs to be on the lenders panel to avoid supplemental costs and delays. That should be your first question of the new lawyers. The search tool will assist you in finding a lender approved solicitor for your home move in Cheetham Hill
I dont have enough spare cash to pay a 10% deposit on my house purchase in Cheetham Hill , but I am keen go ahead. Do I have options?
One option is to try and accept a lesser deposit. Many sellers will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment