I am selling my maisonette in Grasmere and the estate agent has just e-mailed to say that the buyers are appointing a new property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Grasmere ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions blame 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 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. Your buyers are not going to have any sway in the decision.
Are the Grasmere conveyancing solicitors identified as being on the TSB conveyancing panel, together with their details provided by TSB?
Grasmere conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
How does conveyancing in Grasmere differ for new build properties?
Most buyers of new build property in Grasmere approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Grasmere typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Grasmere or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Grasmere in advance of appointing solicitors. I have been told that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different instructions from 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 help as they are used to dealing with flying freeholds in Grasmere. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are FTB’s - had an offer accepted, yet the property agent informed us that the vendor will only issue a contract if we appoint the agent's preferred lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor used to conveyancing in Grasmere
It is unlikely the sellers are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is likely to cause more damage than good. Contact the vendors directly and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to appoint your preferred Grasmere conveyancing lawyers - not the ones that will earn their negotiator at the agency a commission or meet his conveyancing targets pre-set by head office.