I am progressing with the sale of my flat in Chipping Norton and the EA has just e-mailed to say that the buyers are switching conveyancer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Chipping Norton ?
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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened 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 says 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 purchasers are unlikely to have any sway in the decision.
I am nearing an exchange on a house in Chipping Norton and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my property in Chipping Norton. Conveyancing solicitors have just been retained on the sale but I can't find my title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by the lender or they may still be with the solicitor who acted in your purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Chipping Norton relates to registered property but in the rare situation where your home is not registered it is more problematic but is resolvable.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Chipping Norton. The Chipping Norton property was put into my name in December. I plan to dispose of the house. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How sensible a view lenders take of it, depend on the lender as this provision is principally there to capture subsales or the flipping of property.
Are all Chipping Norton Conveyancing Quality Solicitors on the Santander conveyancing list of approved firms?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
After weeks of negotiation I have agreed a price on an apartment in Chipping Norton. My financial adviser suggested a property lawyer. I paid an on account payment of £175. A few days later, the solicitor called me to say that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Chipping Norton with the aid of help to buy. The sellers would not budge the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not reveal to my conveyancer about this side-deal as it may adversely affect my loan with the lender. 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.
Is there anything unique about your site and alternative online quote calculators for conveyancing in Chipping Norton?
At this site get a fixed fee quote from a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Chipping Norton. As opposed to estate agents and many comparison sites we do not operate referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm paying the highest kickback, rather than the best value conveyancing in Chipping Norton