I can't travel far from Stony Stratford. What is the rationale as to why all Stony Stratford property lawyers are not on all mortgage company panels?
Lenders normally restrict either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that a firm needs to have two or more partners. In addition to restricting the structure of firm, some building societies decided to reduce the size of their panel they permit to act for them. You should note that lenders have no accountability for the quality of service given by any Stony Stratford solicitor on their approved list. Increases in mortgage fraud was a key driver in the reduction of conveyancing panels in the last decade even though there are conflicting thoughts concerning the extent of solicitor involvement in some of that fraud. Statistics published by HM Land Registry indicates that thousands of law organisations only carry out a couple of conveyances annually. Those advocating conveyancing panel consolidation ask why conveyancing firms should have claim to be listed on a conveyancing panel when clearly property law is not their primary expertise?
Why do I have to pay up front when it comes to conveyancing in Stony Stratford?
Where you are retaining lawyers for conveyancing in Stony Stratford your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this will be needed shortly before exchange of contracts. Any further balance that is due should be transferred shortly before completion.
I am about to put an offer on a leasehold flat in Stony Stratford. The selling agents tell me that it is standard for flats in Stony Stratford to have less than 75 years remaining. I am expecting a loan with Accord Mortgages. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/1/2022 the requirements read as follows :
Forgive me if this question is silly but I am unexperienced as a first time buyer of a garden flat in Stony Stratford. Do I receive the keys to the property on completion from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Stony Stratford?
On the day of completion you do not need to attend the conveyancers office in Stony Stratford. Your solicitors will electronically transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to pick up the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
My husband and I have arranged a further advance on our home loan from Nationwide as we wish to conduct improvements to our property in Stony Stratford. Are we obliged to select a high street Stony Stratford solicitor on the Nationwide conveyancing panel to handle the legals?
Nationwide would not normally require a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
I recently had an offer agreed on a house in Stony Stratford. My financial adviser suggested a solicitor. I paid an upfront payment of £150. Shortly after, the conveyancer called me sheepishly admitting that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How do I search for a Stony Stratford conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 20kilometers to meet the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Stony Stratford and you will see a number of lawyer located nearest Stony Stratford. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.