I am progressing with the sale of my maisonette in Cowbridge and the EA has just e-mailed to advise that the buyers are swapping law firm. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Cowbridge ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened 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 claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
I am buying a semi-detached house in Cowbridge. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Cowbridge you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cowbridge.
It has been five months following my purchase conveyancing in Cowbridge took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Cowbridge with a mortgage from Barclays Direct. The developers would not budge the price so I negotiated 6k of extras instead. The property agent advised me not disclose to my lawyer about the deal as it will impact my loan 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 am a sole trader looking to take over a lease of a shop on a shopping parade. Can you recommend lawyers offering no-move-no fees for non-domestic conveyancing in Cowbridge for less than £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Cowbridge, including the sale and acquisition of businesses as well as simply property. Whether you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right lawyer. As for the fees these will vary based on the structure and terms of the deal. Please provide us with your contact information or email us so that we may furnish you with a fixed commercial conveyancing quote.
A couple of months ago I was advised by my mortgage company that their panel solicitors work on no completion no fee basis for conveyancing in Cowbridge. I had a purchase fall through yet the conveyancers have invoiced for search fees! They say the fees are independent!
in offering "no sale no fee" Cowbridge conveyancing firms are waiving their fees for any work conducted. We should make it clear that this is NOT an insurance scheme. Disbursements aren’t covered – where the solicitor have to pay money out to third parties, e.g. Cowbridge local search fees