I am selling my home in Westgate on Sea and the estate agent has just telephoned to warn that the purchasers are swapping property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Westgate on Sea ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 sway in the decision.
We are buying a flat and require a conveyancing solicitor in Westgate on Sea who is on the TSB solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Westgate on Sea.
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a property in Westgate on Sea?
Unless a previous purchase of the house completed after 12 October 2013 you can take it that conveyancing practitioners delivering conveyancing in Westgate on Sea to continue to recommend a chancel search and or chancel repair liability insurance.
I'm buying my first flat in Westgate on Sea with a loan from Chelsea Building Society. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not reveal to my conveyancer about the extras as it could jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Westgate on Sea is where the house is located. What do you suggest?
Flying freeholds in Westgate on Sea are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Westgate on Sea you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Westgate on Sea may determine 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 premises.
Our solicitor in Westgate on Sea has discovered a defect with the lease for the flat we are buying in Westgate on Sea. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Westgate on Sea conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company