I am in the process of selling my maisonette in Booker and the EA 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 solicitors on their approved list. Why would a major lender only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Booker ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase 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 claims that it is hearing daily from firms 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 not going to have any sway in the decision.
Finally the sale completed on my house in Booker last November yet the purchaser is calling daily to moan that their lawyer needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
After completion of your sale your conveyancer is duty bound to deliver the transfer documentation and all additional paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer should also confirm that the home loan has been repaid to the purchasers solicitors. There are no post completion steps unique to conveyancing in Booker.
I am in the process of refinancing my property in Booker, does my lawyer have to be on the Aldermore Conveyancing panel?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I'm buying a new build house in Booker with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of additionals instead. The estate agent told me not reveal to my solicitor about this deal as it will impact my loan with the lender. 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.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Booker I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Booker for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
In my capacity as executor for the will of my aunt I am disposing of a residence in Cardiff but I am based in Booker. My conveyancer (based 235 miles awayneeds me to sign a stat dec prior to completion. Can you recommend a conveyancing practitioner in Booker who can witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are located in Booker