I am selling my apartment in Canterbury and the EA has just telephoned to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Canterbury ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say 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 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 not going to have any sway in the decision.
Do the Building Society Association intend to launch a online directory to list practices on the Melton Mowbray Building Society conveyancing panel for example in Canterbury?
We are not aware of any plans on the part of the BSA to promote such a register.
Forgive me if this question is silly but I am new to the house moving as FTB of a ground floor flat in Canterbury. Do I pick up the keys to the house on completion from my lawyer? If this is the case, I will use a local conveyancing solicitor in Canterbury?
On the day of completion you do not need to go to the conveyancers office in Canterbury. Conveyancing lawyers for you will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be able to pick up the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a Canterbury conveyancer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS 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 Yorkshire BS mortgage from the register. Yorkshire BS, 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 Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
The mortgage over my property is with Principality for my property in Canterbury. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
I am purchasing a property and the solicitor has raised the issue of Chancel Repair to which the property could be liable because it falls into the area of such a church. He has recommended insurance. Is this strictly required for conveyancing in Canterbury
Unless a prior purchase of the premises completed after 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Canterbury to continue to suggest a chancel search and or chancel repair liability insurance.
I have todaybeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Canterbury for a purchase of a leasehold flat 12 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Canterbury conveyancing specialists.
I am purchasing my first flat in Canterbury with a loan from Barclays Direct. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my lawyer about this side-deal as it would impact my loan with Barclays Direct. 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.