I am 3 weeks into the sale of my ground floor flat in Newbury and the estate agent has just e-mailed to warn that the purchasers are changing their property lawyer. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Newbury ?
Banks have always had an approved set of law firms they are content to work with, 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 decades.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened 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 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. The buyers are not going to have any impact on this.
How up to date is your database of Newbury solicitors on the Clydesdale conveyancing panel? Do Clydesdale send you an updated list?
Newbury conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
is it true that all Newbury solicitor firms on the Principality conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do permit licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
I had a mortgage agreed in principle with Lloyds. Newbury conveyancing solicitors were chosen. How long does it take for Lloyds to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Lloyds completed the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Planning on purchasing a apartment in Newbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Newbury conveyancing practitioner is on the Skipton conveyancing panel.
I need some quick conveyancing in Newbury as I am faced with an ultimatum to exchange contracts inside one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
As you are not taking a home loan you are at free not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Newbury the following are instances of issues that can crop up and adversely affect the marketability of the property: Enforcement Notices, Overdue Charges, Outstanding Grants, Railway Schemes,...
20 days into buying a property in Newbury. Conveyancing lawyer has told us the property is "Leasehold". Should this adversely affect our Natwest valuation?
Newbury conveyancing does not normally involve leasehold houses. The main factor here is the unexpired lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the marketability too much.
At the other extreme, if it's, say, Sixty years it will have a significant impact on the value, and probably wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be set out in the lease which should be made available to your conveyancing practitioner.