I am selling my home in Woolacombe and the estate agent has just text me to warn that the buyers are changing their solicitor. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a big named mortgage company only work with certain law firms rather the firm that they want to select to handle their conveyancing in Woolacombe ?
Banks have always had an approved set 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 acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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. The purchasers are unlikely to have any impact on this.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Woolacombe. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/9/2025, the requirements read as follows :
Can you help - my lawyer advises that absentee landlord insurance is required on my purchase. What is the level of cover for Woolacombe conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
It is not clear whether my bank requires a lease extension. I have called my Woolacombe building society branch on numerous occasions and was informed it wasn't an issue and they will lend. My Woolacombe conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the lawyer is on the lender panel, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer was accepted on a house in Woolacombe on 31/7/2025, valuation was booked 3 days after, received a clean bill of health. Conveyancer instructed, so all that was missing was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Are UBS entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Woolacombe differ for newly converted properties?
Most buyers of new build or newly converted property in Woolacombe contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Woolacombe usually buy 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 conveyancers 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 used to new build conveyancing in Woolacombe or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Woolacombe is the location of the property. What do you suggest?
Flying freeholds in Woolacombe are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woolacombe you would need to get your solicitor to go 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 Woolacombe may decide 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 residence.