I am progressing with the sale of my home in Nunthorpe and the EA has just e-mailed to advise that the buyers are changing their law firm. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Nunthorpe ?
Lenders have always had an approved set of law firms that can act for them, 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 worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 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 unlikely to have any sway in the decision.
I am buying a house and the conveyancer has identified Chancel Repair for which the house may be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this really required for conveyancing in Nunthorpe
Unless a previous acquisition of the property completed post 12 October 2013 you could expect lawyers conducting conveyancing in Nunthorpe to continue to suggest a chancel search and or chancel repair liability policy.
How does conveyancing in Nunthorpe differ for new build properties?
Most buyers of new build property in Nunthorpe come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Nunthorpe 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 property lawyers 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 accustomed to new build conveyancing in Nunthorpe or who has acted in the same development.
What does commercial conveyancing in Nunthorpe cover?
Nunthorpe conveyancing for business premises incorporates a wide range of services, provided by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I have appointed a Nunthorpe conveyancing solicitor for our home move (FTB’s) and have noticed in the terms and conditions that they are not overseen by the Financial Conduct Authority. Should I be concerned or is that standard with lawyer?
We can't see why they should be. Most solicitor don't lend money. They will be regulated by the SRA, who have strict conditions in relation to funds deposited by them.