I can't travel far from Downton. Can you please clarify why all Downton solicitors are not on all lender panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders pruning less reputable firms from their panel of approved conveyancing practitioners .
Why is leasehold purchase conveyancing in Downton is more expensive?
The conveyancing costs for a leasehold premises in Downton is inevitably more expensive as compared to a freehold residence. This is due to the extra time required in liaising with the landlord and management company to collate the information concerning whether the rent and service charges have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Downton. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/7/2019, the requirements read as follows :
I have justbeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Downton for a purchase of a leasehold flat 18 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Downton conveyancing specialists.
Should I be wary that estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a local Downton conveyancing firm?
As is the case with lots of service providers, often input from relatives can be extremely useful or valuable. But there are numerous players in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest solicitors to use. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You are at liberty to appoint your own conveyancer. Don't forget that many lenders have an approved list of law firms you must use for the mortgage aspect of your house move.