I am selling my maisonette in Mayfield and the estate agent has just text me to warn that the buyers are switching law firm. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Mayfield ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – 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 not going to have any impact on this.
Is there a reason why leasehold purchase conveyancing in Mayfield costs more?
In short, leasehold conveyancing in Mayfield and East Sussex usually requires extra hours of investigation compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning the service of required notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
How does conveyancing in Mayfield differ for new build properties?
Most buyers of new build premises in Mayfield come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because builders in Mayfield tend to buy 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 conveyancing solicitors 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 Mayfield or who has acted in the same development.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Mayfield. I've land on a site which appears to be the perfect solution If there is a chance to get all formalities completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
For various reasons I am not able to get to my Mayfield conveyancing lawyers office to execute documents for conveyancing in Mayfield – will this be problematic?
No. Mayfield conveyancing solicitors can deal with conveyancing transactions for clients throughout the rest of the country. It is not necessary for you to be able to visit a Mayfield conveyancers office. Almost all property lawyer can deal with everything remotely from their Mayfield office.