I am progressing with the sale of my house in Cookley and the estate agent has just telephoned to warn that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a leading mortgage company only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Cookley ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are not going to have any impact on this.
Our solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Cookley. The other side have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender requirements have to be complied with.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Cookley so that I can attend their offices if required.
Most conveyancing panel lawyers for mortgage companies carry out all of the work through Royal Mail, internet or over the phone. This enables them to carry out the legal work for your home move regardless of where you live in the country. Nevertheless you can check if you have the option of visiting the offices of your conveyancing lawyer if needed.
The deeds to our house can not be found. The lawyers who conducted the conveyancing in Cookley 5 years ago no longer exist. What do I do?
As long as you have a registered title the information relating to your proprietorship will be recorded by HMLR with a Title Number. It is possible to conduct a search at the Land Registry, find your house and secure current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I'm purchasing my first flat in Cookley with a loan from HSBC Bank. The builders would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my lawyer about this side-deal as it may affect my mortgage with the lender. 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.
Are there any compelling benefits to using a local lawyer in Cookley
Lots of house movers in Cookley opt for a local solicitor so that they can visit in the event that they have problems, and to sign mortgage deeds without using the post.
One could argue that there is a distinct advantage when selecting a property lawyer local to the premises you are purchasing, due to the in-depth knowledge of the locality and possible local concerns - nevertheless this is debatable. The majority of conveyancers are now over the internet and may be based anywhere.