I am selling my maisonette in Northampton and the EA has just text me to say that the buyers are switching property lawyer. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a major mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Northampton ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 buyers are not going to have any impact on this.
We are about to sign contracts for a freehold house in Northampton. We encountered a stumbling block. Our mortgage offer with Barclays Direct runs out on 11/2/2019 but the sellers are insisting on a completion date of 13/2/2019. Can one extend the mortgage expiry date?
The person best placed to deal with your issue is your lawyer who is in a position to calculate if they better off negotiating with the lender, vendor’s solicitors, estate agents or indeed all parties based on the circumstances your house move to date.
As a FTB what is the most important advice you can give me regarding purchase conveyancing in Northampton?
Not many law firms or advisers will tell you this but conveyancing in Northampton or throughout Northamptonshire is an adversarial experience. In other words, when it comes to conveyancing there is lots of room for friction between you and others involved in the house moving process. E.g., the seller, property agent and on occasion the lender. Choosing a law firm for your conveyancing in Northampton an important selection as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to look after your legal interests and to protect you.
There is a definite ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. We recommend that you must always trust your conveyancer above all other parties in the conveyancing process.
I have been on the look out for a flat up to £235,500 and identified one near me in Northampton I like with a park and railway links in the vicinity, however it only has 61 years on the lease. There is not much else in Northampton in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I'm refinancing my primary house to a BTL mortgage with Platform Home Loans Ltd and I will use the rest of the raised equity towards another property. The location we are talking about is Northampton. Will your solicitors be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our comparison tool on this site to ensure that the conveyancers are approved by both banks. Assuming that they are the solicitor should be able to tie up the two transactions but you should have a chat with you conveyancer and communicate your expectations and requirements.