I am progressing with the sale of my maisonette in Coventry and the estate agent has just text me to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to select for their conveyancing in Coventry ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. The purchasers are not going to have any impact on this.
I just bought a flat at auction in Coventry. Conveyancing is necessary. What happens now?
Now that you have to all intents and purposes signed on the dotted line you should choose a conveyancing lawyer quickly as you are faced with a fast approaching a drop dead date to complete the purchase. All auction property will have an associated auction pack. This will likely include most,if not all of the paperwork that your conveyancer requires. In the case of leasehold property the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor ASAP. Do make sure that you have funds organised to complete on the on the contractual date .
Last month we had a mortgage agreed in principle with Aldermore. Coventry conveyancing practitioners have been selected. How long does it take for Aldermore to forward the offer to the conveyancer?
There is no definitive answer here. Have Aldermore completed the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I was told three weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Coventry is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
We are selling our property in Coventry and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the purchasers used a nationwide conveyancing practice rather than a conveyancing solicitor in Coventry. Having lived in Coventry for 4 years we know of no issue. Should we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Despite weeks of looking the Title Certificate and documents to our house can not be found. The lawyers who did the conveyancing in Coventry 10 years ago are no longer around. Will I be able to sell the house?
As long as the title is registered the information relating to your proprietorship will be evidenced by HMLR with a Title Number. It is possible to carry out a search at the Land Registry, identify your property and order current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be obtained for a small fee.
I'm buying my first flat in Coventry with a mortgage from Barnsley Building Society. The builders would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about this deal as it may put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
My step-father has urged me to use his lawyers for conveyancing in Coventry. Do I take his guidance?
Much as we are happy to recommend a Coventry conveyancing lawyer the best way to find a conveyancing solicitor is to get guidance from friends or family who have used the conveyancer that you are contemplating using.