I am progressing with the sale of my ground floor flat in Sherwood and the EA has just telephoned to warn that the purchasers are appointing a new law firm. The reason given is that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Sherwood ?

Banks have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.

Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose 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 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. Your buyers are unlikely to have any sway in the decision.

Can I be sure that the Sherwood conveyancing solicitor on the Lloyds panel is any good?

When it comes to conveyancing in Sherwood obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your conveyancing.

Lloyds have agreed my home loan in principle, my offer on a property in Sherwood has been agreed to, now what?

Your estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Telephone Lloyds or the financial adviser and finalise any appropriate forms. Lloyds will instruct a valuer who will get in contact with the selling agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Lloyds will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Sherwood.

At last I have had an offer on an apartment in Sherwood agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet tied up, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Sherwood. What should be my next step? When should I get the mortgage application with Principality started?

It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then survey, Sherwood conveyancing search costs, etc). First, you should check that your solicitor is on the Principality conveyancing panel. Regarding the subsequent phase this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a hot market many home buyers will apply for a home loan with Principality and pay for the valuation and only if it was satisfactory would they ask their conveyancer to proceed with the conveyancing in Sherwood.

Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Sherwood?

Unless a prior acquisition of the property took place post 12 October 2013 you can take it that conveyancing practitioners carrying out conveyancing in Sherwood to continue to suggest a chancel search and or chancel repair liability insurance.

How does conveyancing in Sherwood differ for new build properties?

Most buyers of new build or newly converted property in Sherwood come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Sherwood tend to 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 accustomed to new build conveyancing in Sherwood or who has acted in the same development.

I am looking into buying my first house which is in Sherwood and I am already nervous. I couldn't find anything specific about Sherwood. Conveyancing will be needed in due course but do you know about the Sherwood area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Sherwood. In the meantime here are some basic statistics that we found