I can't travel far from Cirencester. Please spell out why all Cirencester lawyers aren't automatically on all bank panels?
Lenders normally restrict either the nature or volume of conveyancing firms on their panel. Frequent examples of such restriction(s) being that a firm needs to have at least two partners. In addition to restricting the nature of firm, some building societies decided to reduce the size of their panel they permit to represent them. It is worth noting that mortgage companies have no responsibility for the quality of conveyancing supplied by any Cirencester conveyancing practitioner on their panel. Mortgage fraud was a key driver in the culling of conveyancing panels a few years ago even though there are opposing opinions concerning whether solicitors sat at the center of that fraud. Statistics published by the Land Registry indicates that thousands of conveyancing practices only conduct a couple of conveyances a year. Those vindicating conveyancing panel cuts ask why law firms should have any entitlement to be listed on a lender panel when it is apparent that conveyancing is not their speciality?
My husband and I are getting closer to an exchange on a flat in Cirencester and my parents have sent the 10% deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my lender. 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 bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancing practitioner is duty bound to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am helping my aunt sell her property in Cirencester. Does the conveyancing solicitor order an energy assessment or do I organise this?
Following the demise of Home Packs, EPC’s was kept a mandatory element of selling a property. An energy assessment needs to be to hand prior to the property being marketed. It is not as aspect of the sale process that lawyers ordinarily arrange. If you are instructing a Cirencester conveyancing lawyer they might be able to arrange energy performance certificates given their contacts with reputable Cirencester accredited person
The formalities of my remortgage has taken place for my property in Cirencester. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I recently had an offer accepted on a house in Cirencester. My financial adviser pressured me to appoint their conveyancer. I paid an upfront payment of £150. A few days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Leeds Building Society 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 Leeds Building Society 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 am buying my first flat in Cirencester with the aid of help to buy. The developers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about the extras as it could jeopardize my mortgage with Barclays . Is this normal?.
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.
We're new on the property ladder - had an offer accepted, yet the agent informed us that the owners will only issue a contract if we instruct their chosen conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Cirencester
We suspect that the owner is not behind this requirement. Should the owner desire ‘a quick sale', turning down a genuine purchaser is not the way to achieve this. Contact the owners directly and explain that (a)you are serious purchasers (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)but you will continue to use your preferred Cirencester conveyancing lawyers - as opposed tothe ones that will give their negotiator at the agency a commission or achieve conveyancing figures pre-set by HQ.
My 20yr old son is just in the process of moving house, the home loan was agreed last week in principle. One the seller agreed the offer on the flat we called the mortgage company to progress the mortgage application. I was shocked to hear that banks do not accept all solicitor, they need to be on their approved list, is this correct?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Cirencester conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.