I am in the process of selling my home in Corbridge and the estate agent has just text me to warn that the buyers are switching law firm. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Corbridge ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. 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. Some are unaware that 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 impact on this.
My grandson is buying a house that has just been built in Corbridge with a home loan from TSB. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When researching consumer advice sites for an affordable solicitor in Corbridge, most say that I must instruct a CQS assured solicitor. Can you explain what CQS is?
Corbridge Conveyancing Quality Scheme practices have obtained certification by the law Society The Law Society introduced CQS to promote high standards in the home buying process. CQS enables home movers to identify practices who provide a quality residential conveyancing. Corbridge is one of the many areas in England and Wales in which CQS have offices. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
Despite weeks of looking the Title Certificate and documents to our home are lost. The conveyancers who conducted the conveyancing in Corbridge 5 years ago are no longer around. What are my options?
Gone are the days when you need to have the physical original deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I am buying my first flat in Corbridge with a loan from Lloyds TSB Bank. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not inform my conveyancer about this deal as it will jeopardize my loan with Lloyds TSB Bank. Should I keep quiet?.
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 encouragement of my in-laws I had a survey completed on a house in Corbridge ahead of instructing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not give a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Corbridge. Conveyancing will be smoother if you use a solicitor in Corbridge especially if they are acquainted with such properties in Corbridge.