I am in the process of selling my maisonette in Newcastle under Lyme and the EA has just text me to warn that the buyers are appointing a new conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a big named lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Newcastle under Lyme ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. The purchasers are unlikely to have any impact on this.
Do the Building Society Association intend to launch a searchable register to to identify solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Newcastle under Lyme?
We have not been informed any plans on the part of the BSA to promote such a search facility.
Are there restrictive covenants that are commonly identified during conveyancing in Newcastle under Lyme?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Newcastle under Lyme. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Newcastle under Lyme with a mortgage from Alliance & Leicester . The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my solicitor about the side-deal as it could affect my mortgage with Alliance & Leicester . 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.
Due to the advice of my in-laws I had a survey completed on a property in Newcastle under Lyme prior to retaining solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks may refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you contact us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newcastle under Lyme. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newcastle under Lyme to see if the conveyancing costs will increase in light of this.
My father has suggested that I instruct his conveyancing solicitors in Newcastle under Lyme. Should I find my own solicitor?
No doubt it’s preferable to find a conveyancing solicitor is to seek recommendations from friends or relatives who have experience in using the solicitor that you are are thinking of instructing.