I am in the process of selling my flat in Mulbarton and the estate agent has just telephoned to advise that the purchasers are changing their conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Mulbarton ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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.
My husband and I are getting closer to an exchange on a property in Mulbarton and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Do I need to pop into the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Mulbarton so that I can pop in to their offices if required.
As opposed to ten years ago, almost all banks no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide ID documents and there are still distinct advantages to using a local ayer, in your case a conveyancing solicitor in Mulbarton.
We are aiming to move house in July. Should my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you put forward a removal company in Mulbarton. Conveyancing solicitor was organised prior to coming across your website.
On the day of completion you can collect the keys from the selling agent however this can only occur when the previous owners lawyers inform the agent that they acknowledge receipt of the completion payment and the keys can be released. Subsequently you can inform the removal men that they can start moving you in. We do not suggest a particular removal organisation but can assist you in locating a residential property solicitor in Mulbarton or a solicitor with expertise in conveyancing in Mulbarton.
I have a mortgage with Virgin Money for my property in Mulbarton. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
The formalities of my purchase has taken place for my property in Mulbarton. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
The loan agreement from a bank for the remortgage of my 3 bedroom flat is expected any day now. Can you recommend a cheap remortgage conveyancing solicitor in Mulbarton ?
This site is not designed to help in pursuit of the cheapest conveyancing in Mulbarton. We can offer you excellent value conveyancing but we do not aim to work with the cheapest lawyers. Avoid the trap of appointing companies offering low cost conveyancing in Mulbarton.In your best case scenario, in going for cheap conveyancing, you will get what you pay for and at worst you will end up being stung for extras and still not get the service you were looking for.