I am nearing exchange of contracts for my flat in Chipstead and the EA has just e-mailed to warn that the buyers are switching conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Chipstead ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 says 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 purchasers are unlikely to have any sway in the decision.
Our conveyancer has identified a a problem with the lease for the property we are buying in Chipstead. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the bank is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender requirements have to be complied with.
We are planning to acquire a flat and require a conveyancing solicitor in Chipstead who is on the Lloyds approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Chipstead.
I am purchasing a end of terrace house in Chipstead. The intention is to convert the garage to an office at the property.Will legal due diligence on the property involve checks to ascertain if these works were previously refused?
Your property lawyer will check the deeds as conveyancing in Chipstead will sometimes reveal restrictions in the title documents which prohibit categories of works or necessitated the consent of a 3rd party. Many additions call for local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be wise to check these issues with a surveyor prior to committing yourself to a purchase.
I'm spending time looking at flats in Chipstead and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are getting a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
After much negotiation I have agreed a price on an apartment in Chipstead. My financial adviser recommended their conveyancers. I paid an upfront payment of £175. Not long after, the solicitor contacted me to say that they were not on the Virgin Money 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 Virgin Money 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 does conveyancing in Chipstead differ for newly converted properties?
Most buyers of new build residence in Chipstead contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Chipstead usually purchase the site, 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 Chipstead or who has acted in the same development.