I am progressing with the sale of my maisonette in Netherley and the EA has just text me to warn that the purchasers are appointing a new law firm. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Netherley ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. 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. Your purchasers are not going to have any impact on this.
Do all mortgage companies provide you with an approved list of Netherley conveyancing solicitors? How do you know who is on the Co-operative conveyancing panel?
Netherley conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
I am currently in the process of buying my council flat in Netherley. I have a mortgage agreed with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
After much negotiation I have agreed a price on an apartment in Netherley. My mortgage broker suggested a solicitor. I paid an upfront payment of £175. A couple of days later, the solicitor called me embarrassingly acknowledging that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a house in Netherley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Netherley conveyancing practitioner is on the Virgin Money conveyancing panel.
I require quick conveyancing in Netherley as I have pressure to exchange contracts in less than one month. Thankfully I do not require a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at liberty not to do searches although no solicitor would advise that you don't. With lots of history conveyancing in Netherley the following are examples of what can be revealed and adversely impact market value: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
The deeds to our home can not be found. The solicitors who did the conveyancing in Netherley 5 years ago have long since closed. Will I be able to sell the house?
You no longer need to hold title original deeds to evidence that you own the land or property, as the Land Registry hold details of all registered land or property electronically.
I'm buying a new build house in Netherley with a loan from Barclays . The developers would not reduce the price so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my conveyancer about the deal as it would put at risk my loan with Barclays . Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.