I am selling my maisonette in Fairford and the EA has just e-mailed to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Fairford ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
Various web forums that I have visited warn that are a common reason for stalling in Fairford conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Fairford.
I decided to have a survey done on a house in Fairford ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fairford. Conveyancing will be smoother if you use a solicitor in Fairford especially if they regularly deal with such properties in Fairford.
In searching the internet for the words on line conveyancing in Fairford it shows results of many property lawyersin the area. How do I determine which is the suitable conveyancing solicitor for the sale of my house?
The best method of finding a suitable conveyancer is via personal referral, so enquire of friends and family who have purchased a property in Fairford or a respected estate agent or financial adviser. Costs for conveyancing in Fairford vary, so it's advisable to obtain a minimum of three fee estimates from different law firms. Dont forget to clarify that the charges are assured not to escalate.
A couple of weeks ago I was told by my bank that their approved conveyancers work on no move no charge basis for conveyancing in Fairford. I had a purchase fall through yet the lawyers want search fees! They say the fees are seperate!
Fairford conveyancing search fees are separate expenses not legal fees as these are paid to a third party.