I am progressing with the sale of my home in Abbeymeads and the EA has just called to advise that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. Why would a major lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Abbeymeads ?
Mortgage companies have always had an approved set of law firms that can represent 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 many years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened 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 says 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 buyers are not going to have any sway in the decision.
Would the conveyancing solicitors that you recommend perform conveyancing in Abbeymeads by way of an attended exchange?
There are a few conveyancing specialists who can conduct attended exchanges. You should call us to get a conveyancing quote and details as to dates.
I am buying a property and the solicitor has raised the issue of Chancel Repair to which the property could be obligated to pay as it falls into the area of such a church. She has recommended insurance. Is this strictly appropriate for conveyancing in Abbeymeads
Unless a previous acquisition of the premises took place post 12 October 2013 you can take it that conveyancing practitioners conducting conveyancing in Abbeymeads to remain encouraging a chancel search and or chancel repair liability policy.
I'm purchasing my first flat in Abbeymeads with a loan from Norwich and Peterborough Building Society. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my lawyer about this deal as it will impact my loan with Norwich and Peterborough Building Society. 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.
Due to the advice of my in-laws I had a survey completed on a house in Abbeymeads in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Abbeymeads. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Abbeymeads to see if the conveyancing costs will increase in light of this.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.