I am in the process of selling my maisonette in Arundel and the EA has just text me to advise that the purchasers are appointing a new solicitor. 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 major mortgage company only work with specific solicitors rather the firm that they want to choose for their conveyancing in Arundel ?
Mortgage companies have always had panels of law firms that can represent them, but in the past 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 over 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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. 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 purchasers are not going to have any sway in the decision.
I require conveyancing for an apartment in a relatively new development (five years old) in Arundel. 95% of the properties have already been disposed of. Is it really necessary to order local searches for my conveyancing in Arundel?
You are opening yourself up to an unnecessary risk in not carrying out Arundel conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would absolutely advise in no uncertain terms that your lawyer conducts them. Where accelerating the process and driving down costs are top of your issues you should consider with your lawyer about the options such as contingency insurance available to you
Why is leasehold purchase conveyancing in Arundel is more expensive?
Arundel leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My Conveyancer in Arundel is not on the Barnsley Building Society Approved Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Barnsley Building Society panel?
The limited options open to you here include:
- Complete the purchase with your existing Arundel solicitors but Barnsley Building Society will need to retain a solicitor on their panel. This will result in additional overall legal fees as well as cause frustration.
- Choose a new solicitor to to deal with the purchase, obviously checking they are Convince your conveyancer to do everything within their powers to join the Barnsley Building Society conveyancing panel
I am looking for a leasehold apartment up to £235,500 and found one close by in Arundel I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Arundel suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.