My partner and I are planning to purchase a property in Shrewton and have appointed a Shrewton conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this morning contacted us to inform me that they have now hit a problem as our Shrewton conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Shrewton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Why is leasehold purchase conveyancing in Shrewton costs more?
Shrewton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I opted to have a survey done on a property in Shrewton prior to retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend not grant a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shrewton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shrewton to see if the conveyancing costs will increase in light of this.
Taking into account that I am about to part with £400,000 on a house in Shrewton I wish to have a conversation with the solicitor about myhome move in advance of appointing the firm. Is this something that you can arrange?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you first talking to the conveyancer due to be doing your conveyancing in Shrewton.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Shrewton should be the figure that you are charged.
I need to find a conveyancing solicitor for purchase conveyancing in Shrewton. I happened to land on a site which looks to be the perfect offering If there is a chance to get all the legals completed via email that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?