I am selling my apartment in Brandon and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to select for their conveyancing in Brandon ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. 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 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. Your purchasers are unlikely to have any impact on this.
Please help. My Brandon lawyer is advising me that he is legally obliged toconduct Brandon conveyancing searches asthe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the UK Finance Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Brandon conveyancing searches.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Brandon?
Unless a prior acquisition of the premises completed post 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Brandon to continue to suggest a chancel search and or chancel repair liability insurance.
I am purchasing a new build house in Brandon with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my conveyancer about this deal as it could impact my mortgage with The Royal Bank of Scotland. 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.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Brandon is where the house is located. What do you suggest?
Flying freeholds in Brandon are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Brandon you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brandon may ascertain 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 premises.
What is the reason for my lawyer requiring various items of identification ahead of starting selling or buying a property in Brandon?
Brandon property lawyers are duty bound by the Law Society, SRA, the Land Registry and current AML Regulations to certify that the have checked the identity of their clients. It will also be a condition of your lender if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and DOB.