We are planning to purchase a 1 bedroom flat in Macclesfield with a mortgage. We have a Macclesfield lawyer, but the bank advise she’s not on their "panel". It appears that we have no choice but to use one of the mortgage company panel conveyancing practices or continue with our Macclesfield solicitor and pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Macclesfield conveyancing solicitor to apply to be on the conveyancing panel.
Are the BSA intent on creating a searchable register to list solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Macclesfield?
We are not aware of any intention on the part of the BSA to promote such a register.
How does conveyancing in Macclesfield differ for newly converted properties?
Most buyers of new build or newly converted property in Macclesfield come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Macclesfield usually purchase the real estate, 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 accustomed to new build conveyancing in Macclesfield or who has acted in the same development.
Is it best to go with a Macclesfield conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can carry out the legal formalities but his firm is located 200miles away.
The benefit of a local Macclesfield conveyancing practice is that you can pop in to sign documents, hand in your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and in the main were happy that must outweigh using an unfamiliar Macclesfield conveyancing lawyer just because they are based in the area.
I am due to consider quotes for conveyancing in Macclesfield from three conveyancing practitioner and choose one. Should I instruct them to hold tight until I a suitable house to buy.
We would recommend that you only ask your solicitor to open a file and submit searches after the sales memorandum has been sent by the estate agent particularly as Macclesfield conveyancing searches are not cheap.