I am progressing with the sale of my house in Lound and the EA has just telephoned to advise that the buyers are appointing a new property lawyer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Lound ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. The purchasers are unlikely to have any impact on this.
Can you vouch for a accepted Lound conveyancing practice that can complete within a short deadline? Am I best advised to go for a local Lound conveyancer or an online comparison site?
We would be happy to suggest some excellent Lound conveyancing firms. Another option is to visit the main road in Lound. Go in to a couple of firms and request to see a conveyancing solicitor for a fee estimate. Discuss your expectations together with your reasons and ask for an assurance on speed. Appoint the one that you are most comfortable with.
My friend recommended that if I am purchasing in Lound I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Lound conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Lound around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Lound Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Lound Education with plans and statistics, Local Amenities and other useful information regarding Lound.
How does conveyancing in Lound differ for new build properties?
Most buyers of new build property in Lound contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Lound usually buy 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 Lound or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Lound before retaining lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks may not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lound. Conveyancing may be slightly more expensive based on your lender's requirements.