I am nearing exchange of contracts for my ground floor flat in Writtle and the EA has just called to say that the purchasers are swapping conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Writtle ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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. Your purchasers are unlikely to have any impact on this.
Why do I have to pay up front when it comes to conveyancing in Writtle?
If you are buying a property in Writtle your lawyer will request that you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the total price then this will be needed immediately ahead of exchange of contracts. The closing balance that is needed should be transferred a couple of days prior to the day of completion.
How does conveyancing in Writtle differ for new build properties?
Most buyers of new build property in Writtle come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Writtle 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 property lawyers 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 Writtle or who has acted in the same development.
I need to appoint a conveyancing solicitor for some conveyancing in Writtle. I happened to stumble across a site which seems to have the perfect offering If it is possible to get all this stuff completed via web that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What tools are available to find a Writtle conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to twentykilometers to meet the lawyer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Writtle and you will see a number of lawyer located nearest Writtle. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.