I am selling my apartment in Merriott and the estate agent has just called to say that the buyers are swapping solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Merriott ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks justify this action to a rise in fraud as the reason 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 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 buyers are not going to have any sway in the decision.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Merriott. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/12/2018, the requirements read as follows :
My wife and I own a renovated Victorian house in Merriott. Conveyancing solicitor acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Merriott and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
I'm remortgaging my existing home to a BTL mortgage with Skipton Building Society and intend to use the remaining equity towards another property. The location we are looking at is Merriott. Will your lawyers be able to act for both sets of lenders and link together the transactions?
Make use of our comparison tool on this site to ensure that the conveyancers are approved by both banks. On the basis that they are your solicitor should be able to tie up the two transactions but you should have a chat with you solicitor and communicate your expectations and requirements.
In searching the internet for the term cheap conveyancing in Merriott it brings up numerous property lawyersin the area. With so much choice what is the best way to find the right conveyancing solicitor for purchase transaction?
The preferential method of seeking a suitable conveyancer is via trusted testimonial, so ask colleagues and relatives who have acquired a property in Merriott or a local estate agent or financial adviser. Fees for conveyancing in Merriott vary, so it's advisable to secure a minimum of four quotes from varying types of property lawyers. Dont forget to clarify that the charges are guaranteed not to rise.