Find a North Newbald Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in North Newbald? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your North Newbald conveyancing at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised North Newbald conveyancers for over 130 lenders.

Recently asked questions about conveyancing in North Newbald

I am 4 weeks into the sale of my house in North Newbald and the estate agent has just called to say that the buyers are changing their law firm. The reason given is that the lender will only work with property lawyers on their approved list. Why would a leading lender only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in North Newbald ?

UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.

Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 unlikely to have any impact on this.

I am in a contract race with another buyer for a property in North Newbald. What can I do to quicken up the conveyancing process?

In the event that the seller is applying a tight deadline for your conveyancing we would recommend that your lawyer is familiar with the area as they will benefit local connections and intelligence. It is even conceivable that they may have transacted previoushomes in the same road. You would be best advised to use a North Newbald conveyancing solicitor. Second, ensure that the lawyer is on the lender panel. It is said that 18% of North Newbald conveyancing transactions are frustrated or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s member panel. This can often result in the legal transfer of property being frustrated by almost three weeks. It is claimed that this issue impacts in the region of 100,000 home moves every year. Many North Newbald conveyancing firms can not act for certain mortgage companies so do check at the outset.

How does conveyancing in North Newbald differ for new build properties?

Most buyers of new build residence in North Newbald contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in North Newbald typically acquire the land, 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 conveyancers 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 North Newbald or who has acted in the same development.

I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. North Newbald is where the house is located. What do you suggest?

Flying freeholds in North Newbald are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Newbald you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Newbald may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

In searching the internet for the phrase conveyancing in North Newbald it reveals many property lawyerslocally. How do I determine which is the suitable conveyancer for my move?

The preferential method of seeking a suitable conveyancer is via trusted recommendation, so enquire of colleagues and family who have purchased a property in North Newbald or a local estate agent or mortgage broker. Costs for conveyancing in North Newbald differ, so it's a good idea to obtain a minimum of four costs illustrations from varying types of property lawyers. Dont forget to clarify what costs in the quote includes.

Last updated

Find out more about how flying freehold can affect your the value of a property.