I am progressing with the sale of my flat in Newall Green and the EA has just e-mailed to warn that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major lender only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Newall Green ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say 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. Plenty of firms 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. The purchasers are not going to have any impact on this.
If you had a top tip for choosing a conveyancing solicitor in Newall Green what would it be?
It would be unwise to be tempted by the lowest Newall Green conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We previously instructed conveyancers located in Newall Green on the Yorkshire BS solicitor approved list. They have just billed me a further charge for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. The fee is not dictated by Yorkshire BS but by your Newall Green solicitor. Numerous firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I can not work out if my lender requires a lease extension. I have called into my local Newall Green building society branch on various occasions and was told it wasn't a problem and they will lend. My Newall Green conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Me and my brother purchased a 4 bedroom Victorian property in Newall Green. Conveyancing lawyer represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same property. I thought I was buying a freehold how can I check?
You need to review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Newall Green and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing lawyer who conducted the work.
Due to the input of my in-laws I had a survey completed on a property in Newall Green prior to appointing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some lenders tend refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Newall Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newall Green to see if the conveyancing will be more expensive.
What does commercial conveyancing in Newall Green cover?
Newall Green conveyancing for business premises incorporates a wide range of services, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.