I am in the process of selling my house in Wolviston and the EA has just text me to say that the purchasers are switching conveyancer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Wolviston ?
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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Your purchasers are not going to have any impact on this.
Can you explain why leasehold purchase conveyancing in Wolviston is more expensive?
Wolviston 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Wolviston is where the house is located. What do you suggest?
Flying freeholds in Wolviston are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wolviston you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wolviston may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I'm remortgaging my current house to a buy to let loan with The Mortgage Works and intend to use the remaining equity as a down payment on a second property. The neighborhood we are looking at is Wolviston. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Do use our search tool on this page to ensure that the lawyers are approved by both mortgage companies. Having checked that they are your conveyancer will be able to connect the two transactions but you should talk with you conveyancer and communicate your desired outcome and requirements.
I am looking for a conveyancing solicitor in Wolviston for my home move. Is there any facility to check a firm’s record with the profession’s regulator?
You can search for presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.