Am I correct in assuming that the fact that my solicitor in Bromborough is not on my bank's solicitor panel that there is a problem with the standard of the firm’s work?
That is most likely a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Bromborough conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Is it realistic for conveyancing in Bromborough to be concluded within 10 days?
In the event that the seller is applying pressure to sign contracts it is advisable to make sure that your lawyer is familiar with the area as they will benefit local contacts and knowledge. It is even conceivable that they would have handled otherhouses in the same street. Therefore consider using a Bromborough conveyancing lawyer. In addition, check that the conveyancing firm is on the lender panel. It is claimed that nearly one in five of Bromborough conveyancing deals are delayed or jeopardised after finding out that a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the legal transfer of property being held up by almost 21 days. It is claimed that this issue impacts in the region of one hundred thousand home moves annually. Almost all Bromborough conveyancing firms can not represent certain lenders so do check as early as possible.
I am buying my first flat in Bromborough with a loan from Lloyds TSB Bank. The developers would not reduce the price so I negotiated £7000 of extras instead. The property agent advised me not to tell my solicitor about this deal as it would jeopardize my mortgage with the bank. Should I keep quiet?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Bromborough before instructing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bromborough. Conveyancing may be slightly more expensive based on your lender's requirements.
We're FTB’s - agreed a price, but the property agent advised that the vendor will only move forward if we use the agent's preferred solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a family conveyancer who is accustomed to conveyancing in Bromborough
It is improbable the owners are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are serious purchasers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your preferred Bromborough conveyancing solicitors - rather thanthose that will provide their estate agent a commission or achieve conveyancing thresholds set by head office.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.