I am progressing with the sale of my home in Penistone and the EA has just called to say that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a major lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Penistone ?

Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.

Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.

When can the exchange of contracts take place for sale conveyancing in Penistone and do I need to attend the conveyancers office?

Where you are in close proximity to our conveyancing solicitors in Penistone you are welcome to come in to sign contracts. That being said, the law practices we work with offer countrywide coverage for conveyancing and give as equally detailed and professional a job for you when dealing with you electronically. The executing of the property agreement is not the critical part. A signed contract is just a prerequisite for the conveyancer to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Penistone)to be in the office available at the end of the phone to exchange contracts.

Are all Penistone Conveyancing Quality Solicitors on the Yorkshire BS conveyancing panel?

It is true that some banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.

is it true that all Penistone solicitor firms on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?

As solicitors, in order to be on the Coventry BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.

Our offer on a property in Penistone has been accepted, the sellers do however have a tied purchase. The vendors have put an offer on a flat, but it’s not yet tied up, and have viewings of other apartments booked. I have chosen a bricks and mortar conveyancing solicitor in Penistone. What should be my next step? When should I get the mortgage application with Yorkshire BS started?

It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Penistone conveyancing search costs, etc). First, you should ensure that your solicitor is on the Yorkshire BS approved list. Concerning the next stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. In a hot market some purchasers will apply for the mortgage with Yorkshire BS and pay for the valuation and only if it comes back ok would they request their solicitor to press on with the conveyancing in Penistone.

I need some quick conveyancing in Penistone as I have an ultimatum to sign on the dotted line in less than one month. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?

If.Given you are not obtaining a home loan you have the choice not to have searches carried out although no conveyancer would advise that you don't. With plenty of history conveyancing in Penistone the following are instances of what can be revealed and adversely impact future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...

I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Penistone is where the house is located. Can you shed any light on this issue?

Flying freeholds in Penistone are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penistone you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penistone may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.