I am nearing exchange of contracts for my apartment in Martock and the EA has just text me to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Martock ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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 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 purchasers are not going to have any sway in the decision.
What is the optimum way to check that the solicitor handling my conveyancing in Martock is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus paying £192.00 in supplemental conveyancing invoice.
Please do take advantage of the search tool on this web page. Please choose the mortgage company and type ‘Martock’ or your location and you will see numerous conveyancers based in Martock or nearest you.
What will a local search inform me about the house we're purchasing in Martock?
Martock conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example Searchflow The local search plays an important role in most Martock conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Martock is where the house is located. Is there any advice you can impart?
Flying freeholds in Martock are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Martock you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Martock may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My partner has encouraged me to instruct his lawyers for conveyancing in Martock. Should I use them?
No doubt it’s preferable to find a conveyancing solicitor is to have recommendations from friends or family who have previously instructed the conveyancer you're considering.