I am nearing exchange of contracts for my home in Alrewas and the estate agent has just called to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Alrewas ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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 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 buyers are unlikely to have any impact on this.
My partner and I are acquiring our first home. The conveyancing practitioner has texted usto check if we wish to purchase supplemental conveyancing searches. Frankly we are clueless as to what's relevant for conveyancing in Alrewas
The type of Alrewas conveyancing searches depends entirely on the property, the location, the likelihood of any of these risks, your knowledge of the locality and risks, your general appetite to risk. What matters is that you adequately understand what information each search could give you. Then you can make a decision if you personally think you need that information. Should you be in doubt, ask the property lawyer to recommend.
Can I use your services to locate a Conveyancing solicitor in Alrewas even if I’m not buying or selling a house, for example if I wish to buy an office in Alrewas with a loan from Barclays ?
Our comparison service is predominantly utilised to select domestic conveyancing solicitors in Alrewas but we have recorded towards the bottom of this page some Alrewas commercial conveyancing firms. You should enquire with the firm directly to check if they are also authorised to represent Barclays
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Alrewas with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
It has been 3 months since my purchase conveyancing in Alrewas completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Alrewas with the aid of help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about the extras as it would impact my mortgage with the lender. Should I keep quiet?.
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 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.