My fiance and I are planning to acquire a flat in Coombe Warren and are in fact using a Coombe Warren conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this evening contacted us to inform me that they have now hit a problem as our Coombe Warren conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Coombe Warren solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Would the conveyancing lawyers identified via your search tool handle right to buy conveyancing in Coombe Warren?
We have identified plenty of conveyancing firms who can handle right to buy conveyancing You should call us to obtain a conveyancing quote.
I have been referred to a conveyancing solicitor in Coombe Warren. I I would like to check if they are accepted on the Barnsley Building Society conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing you should do is contact the solicitor and ask them whether they can act for the lender. Otherwise please get in touch with Barnsley Building Society who may be able to confirm.
I'm buying my first flat in Coombe Warren with a mortgage from Nottingham Building Society. The builders would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not inform my solicitor about the deal as it will affect my mortgage with the lender. 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.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Coombe Warren is where the house is located. Can you offer any opinion?
Flying freeholds in Coombe Warren are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Coombe Warren you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coombe Warren may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Should I be concerned that estate agents that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Coombe Warren conveyancing firm?
As with lots of professional services, often input from family and friends can be extremely useful or valuable. But there are many parties with a keen interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may suggest conveyancers to retain. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to choose your own lawyer. However, bear in mind that most lenders specify a panel list of conveyancers you have to use for the mortgage aspect of your transaction.