I am one month into the sale of my house in Chichester and the EA has just called to say that the buyers are switching conveyancer. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Chichester ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened 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. Plenty of firms 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. Your buyers are unlikely to have any sway in the decision.
I am need of leasehold conveyancing for a flat in a fairly new development (five years built) in Chichester. 95% of the flats are already occupied. Do I need carry out the neighbourhood searches as part of conveyancing in Chichester?
A big part of the Chichester legal transfer of property is the conveyancing searches. There are hundreds search providers delivering Chichester conveyancing searches, as well straight from the local authority. These are generally termed personal search organisation and they produce, not surprisingly, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authoritative source.
What does my ID and proof of funds have anything to do with my conveyancing in Chichester? What am I being asked for?
Chichester conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of source of funds is also necessary under the money laundering statutes as lawyers are obliged to investigate that the money you are using to acquire a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the product of criminal behaviour.
I have been told that property searches are a common cause of delay in Chichester conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Chichester.
I am purchasing a new build house in Chichester benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not reveal to my conveyancer about this side-deal as it could affect my loan with the bank. Is this normal?.
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 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 advice of my in-laws I had a survey completed on a property in Chichester ahead of appointing solicitors. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies tend refuse to give a loan on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you e-mail 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 Chichester. Conveyancing will be smoother if you use a solicitor in Chichester especially if they are acquainted with such properties in Chichester.