I am progressing with the sale of my flat in Faversham and the estate agent has just text me to advise that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Faversham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Can the conveyancing solicitors identified via your search tool conduct auction conveyancing in Faversham?
There are a number of auction practitioners we can connect you with those who can conduct auction conveyancing. Faversham is just one of the many areas of in which our lawyers have a presence.
Do conveyancers ask for money up-front for conveyancing in Faversham?
Where you are retaining lawyers for conveyancing in Faversham your solicitor will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the purchase price then this should be asked for immediately prior to exchange of contracts. Any further balance that is due should be sent to your lawyer a few days prior to the day of completion.
My property lawyer in Faversham is not listed on the Aldermore Approved Panel. Is it possible for me to retain my prefered solicitor even though they are excluded from the Aldermore approved list?
The limited options available to you here include:
- Complete the purchase with your preferred Faversham lawyers but Aldermore will need to instruct a solicitor on their panel. This will result in additional total conveyancing charges as well as cause frustration.
- Choose a new lawyer to act in the conveyancing, remembering to check they are Aldermore approved.
- Persuade your Aldermore based solicitor to try to join the Aldermore panel
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Faversham I like with open areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Faversham suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.