I am progressing with the sale of my flat in Mountsorrel and the estate agent has just text me to advise that the purchasers are changing their property lawyer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Mountsorrel ?
Mortgage companies have always had an approved set of law firms that can act for 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 acted for them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification 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 says 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. Your buyers are not going to have any impact on this.
Would the conveyancing lawyers that you recommend conduct conveyancing in Mountsorrel by way of an attended exchange?
We do have a number of conveyancing specialists who can conduct attended exchanges. Do contact us to receive a costs illustration and details as to dates.
How does conveyancing in Mountsorrel differ for newly converted properties?
Most buyers of new build or newly converted property in Mountsorrel come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Mountsorrel tend to 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 used to new build conveyancing in Mountsorrel or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Mountsorrel I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Mountsorrel in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Please can you clarify what my options are where my Mountsorrel conveyancing searches reveals detrimental entries?
Usually, almost all concerns that arise in Mountsorrel conveyancing search responses can be dealt with ahead of completion or title insurance can be obtained. It is important to note that regardless of the fact that you are buying the property and may be willing to accept the search results, your building society or bank may not, and when all said and done they have the word say.