I am in the process of selling my flat in Blaenavon and the estate agent has just telephoned to say that the purchasers are changing their solicitor. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Blaenavon ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent 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 over 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. The purchasers are unlikely to have any sway in the decision.
We are due to complete on the purchase of a property in Blaenavon but as a consequence of damage from a small fire at the property I have managed to agree reparation from the vendor of three thousand pounds taking the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Santander will not agree to this. Should they have been notified?
The property lawyer that is on the Santander conveyancing panel is duty bound to advise Santander of any variations to the sale price. If you prohibit your lawyer to report the price change to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancing practitioner for your conveyancing in Blaenavon.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would prefer to instruct a high street conveyancing solicitor in Blaenavon?
Do check but the chances are that allocate you one of their panel lawyers should you take up the "fee-free" incentive. Call the bank and determine if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Blaenavon.
I am buying my first flat in Blaenavon with a mortgage from Halifax. The builders refused to reduce the price so I negotiated 6k of extras instead. The property agent advised me not to tell my conveyancer about the deal as it will affect my loan with Halifax. Is this normal?.
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 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.
My father-in-law has suggested that I appoint his conveyancing solicitors in Blaenavon. Should I find my own conveyancer?
Much as we are happy to recommend a Blaenavon conveyancing lawyer the ideal way to find a conveyancing solicitor is to seek referrals from friends or relatives who have used the conveyancer that you are are thinking of instructing.
I have noted on various online forums that when choosing a conveyancing firm they must be approved by your lender. I am novice purchaser but I have an AIP with Santander and I already have a bricks and morter conveyancing solicitor in Blaenavon in place. Will Birmingham Midhshires need an approved solicitor to be used? Does a directory of approved firms even exist for my conveyancing in Blaenavon?
You should choose a solicitor that is on the Birmingham Midhshires panel. The simplest thing to do is telephone your chosen Blaenavon conveyancing lawyer and ask if they are on the Birmingham Midhshires panel. If they are not on the panel you have a number of options available to you here:
- Complete the purchase with your existing Blaenavon solicitor but Birmingham Midhshires will need to retain a lawyer from their approved list. The net impact is additional cost and likely interruption.
- Appoint a fresh solicitor to act in the purchase, not forgetting to check that they are on the Birmingham Midhshires conveyancing panel.
- Convince your lawyer to seek to join the lender panel.