I am progressing with the sale of my home in Martlesham Heath and the EA has just text me to warn that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to select for their conveyancing in Martlesham Heath ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 not going to have any sway in the decision.
I am in a contract race with another buyer for a property in Martlesham Heath. What can I do to quicken up the conveyancing process?
In the event that you are under time constraints to complete it is highly recommended that your conveyancer is familiar with the area as they will make use of local contacts and insight. It is even conceivable that they may have transacted previousproperties in the same road. Therefore consider using a Martlesham Heath conveyancing firm. In addition, double check that the conveyancing firm is on the member panel. It is believed that just under twenty per cent of Martlesham Heath conveyancing deals are held up or derailed after discovering a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the buying process being delayed by almost three weeks. It is understood that this issue impacts in the region of 100,000 home sales annually. Almost all Martlesham Heath conveyancing practices can not act for certain mortgage companies so do check as early as possible.
We hope to to buy with Norwich and Peterborough Building Society. We have called around locally but am unable to find a Martlesham Heath conveyancing firm on the Norwich and Peterborough Building Society approved list. Please you help?
You should make the most of the search tool on this site. Please choose the building society and type Martlesham Heath or your location and you will discover numerous solicitors based in Martlesham Heath or nearest you.
Are there restrictive covenants that are commonly identified during conveyancing in Martlesham Heath?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Martlesham Heath. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Martlesham Heath differ for newly converted properties?
Most buyers of new build residence in Martlesham Heath come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in Martlesham Heath usually purchase the real estate, 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 used to new build conveyancing in Martlesham Heath or who has acted in the same development.