I am selling my house in Bagshot and the estate agent has just text me to say that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to choose for their conveyancing in Bagshot ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud by way of justification 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 claims that it is being contacted daily by practices 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.
My husband and I have arranged the release of further funds on our home loan from HSBC as we intend to conduct a loft conversion to our property in Bagshot. Do we need to appoint a high street Bagshot solicitor on the HSBC conveyancing panel to handle the legals?
HSBC don't usually instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Bagshot solicitor on the Kent Reliance panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Bagshot is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require quick conveyancing in Bagshot as I have a deadline to exchange contracts in less than 2 weeks. A home loan is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you are at liberty not to have searches carried out although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Bagshot the following are instances of what can crop up and therefore affect future saleability: Enforcement Notices, Overdue Fees, Outstanding Grants, Road Schemes,...
Are there restrictive covenants that are commonly picked up during conveyancing in Bagshot?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bagshot. 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'm purchasing my first flat in Bagshot with a loan from Coventry Building Society. The sellers would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not inform my conveyancer about the deal as it will jeopardize my mortgage with the bank. 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.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Bagshot is the location of the property. Is there any advice you can give?
Flying freeholds in Bagshot are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bagshot you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bagshot 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 residence.