I am nearing exchange of contracts for my home in Pyle and the EA has just telephoned to say that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. On what basis would a big named lender only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Pyle ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – 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 claims that 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 purchasers are unlikely to have any sway in the decision.
The sellers of the property we are purchasing have instructed a conveyancing solicitor in Pyle who has suggested a exclusivity contract with a deposit two thousand pounds. Are such contracts promoted for Pyle conveyancing transactions?
There are a couple of main downsides with signing a lock out contract (also referred to as a shut-out contract) is that it can distract from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be a cause of frustration and delay. It is not promoted amongst Pyle conveyancing lawyers as a result. A further concern is the extent of the remedies available - an aggrieved purchaser is not likely to be granted an injunctive ruling by a court to prohibit the owner selling to an alternative purchaser, so the only remedy open via the agreement will be the recovery of abortive charges and, in restricted scenarios, the additional payment of damages.
My brother-in-law has suggested I instruct a conveyancing solicitor in Pyle. I need to find out whether they are accepted on the Leeds Building Society conveyancing panel. Could you help?
The first thing you should do is call your solicitor and enquire if they can act for the bank. Alternatively you should call Leeds Building Society who may be able to help.
How does conveyancing in Pyle differ for new build properties?
Most buyers of new build residence in Pyle approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Pyle usually purchase the site, 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 conveyancing solicitors 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 Pyle or who has acted in the same development.
Should I go with a Pyle conveyancing practitioner in close proximity to the house I am purchasing? I have an old university friend who can conduct the legal work however his firm is located a couple of hundredmiles away.
The primary upside of using a high street Pyle conveyancing firm is that you can visit the firm to execute documents, hand in your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were impressed that must surpass using an unfamiliar Pyle conveyancing solicitor just because they are based in the area.