I am selling my maisonette in Ashington and the estate agent has just telephoned to warn that the buyers are swapping conveyancer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Ashington ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been stiffened 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. 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. Your purchasers are not going to have any impact on this.
Due to complete my purchase in Ashington next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Ashington.
Can your site be used to locate a Conveyancing solicitor in Ashington even if I’m not buying or disposing of a house, for instance if I want to buy a shop in Ashington with a mortgage from Godiva Mortgages Ltd?
Our comparison service is primarily used to select domestic conveyancing solicitors in Ashington but we have listed towards the bottom of this page a few Ashington commercial conveyancing firms. You will need to speak with the solicitors directly to see if they are also authorised to represent Godiva Mortgages Ltd
After reading online forums for a conveyancing lawyer in Ashington, most say that I should use a CQS kitemarked solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing processes via the scheme protocol It covers numerous firms who execute conveyancing in Ashington.
I'm purchasing my first flat in Ashington with the aid of help to buy. The developers refused to reduce the price so I negotiated 6k of extras instead. The property agent told me not inform my solicitor about the deal as it may adversely affect my mortgage with the lender. Is this normal?.
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 input of my in-laws I had a survey completed on a property in Ashington prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to grant a loan on such a house.
It varies from the lender to lender. Santander has different requirements from Halifax. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ashington. Conveyancing may be slightly more expensive based on your lender's requirements.