I am nearing exchange of contracts for my home in Polperro and the estate agent has just called to say that the purchasers are switching solicitor. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a leading mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Polperro ?
Lenders have always had an approved set of law firms that can represent 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 more than 15 years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 being contacted daily by practices 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. Your buyers are not going to have any impact on this.
I am acquiring a property mortgage free in Polperro. I have resided for the previous twelve years in Polperro. Conveyancing searches are exorbitant. Given that I know the area and road very well must I have all the conveyancing searches?
If you not getting a home loan, then almost all of the Polperro conveyancing searches are optional. Your solicitor will 'advise', no-doubt strongly, that you should have searches completed, but she has a professional duty to do this. One thing to consider; if you are intend to dispose of the house in the future, it could be of relevance to your future purchaser what the searches reveal. On occasion houses with apparent issues can still reveal detrimental search results. A good conveyancing solicitor in Polperro will be able to give you some sensible advice concerning this.
We wanted to use a conveyancing solicitor in Polperro for our house purchase. Our financial adviser has since notified us that our mortgage company Skipton Building Society won't deal with them. Why is this not regarded as unfair competition?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Polperro conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms relating to their operations and their employees as well as set certain criteria such a completing on a minimum volume of transactions. Many Polperro conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Polperro is amongst the many locations where the conveyancers we recommend are members of the panel for Skipton Building Society.
A relative recommended that if I am buying in Polperro I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Polperro conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Polperro around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Polperro.
Due to the advice of my in-laws I had a survey completed on a property in Polperro ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Polperro. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Polperro to see if the conveyancing will be more expensive.