I am selling my flat in Cowes and the EA has just called to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Cowes ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. Your purchasers are not going to have any sway in the decision.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would prefer to appoint a Cowes based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel lawyers should you accept the "fee-free" incentive. Call the lender to explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Cowes.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a garden flat in Cowes. Do I pick up the keys to the property on completion from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Cowes?
On the day of completion you will not be required to attend the conveyancers office in Cowes. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be able to collect the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
Can I be sure that the Cowes conveyancing solicitor on the Yorkshire BS panel is any good?
When it comes to conveyancing in Cowes seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your conveyancing.
I am selling my flat. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being a right pain. The Cowes solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing a new build house in Cowes benefiting from help to buy. The builders would not move on the price so I negotiated 6k of additionals instead. The sale representative told me not inform my conveyancer about the side-deal as it could adversely affect my mortgage with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Cowes is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cowes 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 Cowes you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cowes may determine 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.
I am 3 weeks into a freehold purchase having been referred to conveyancers by the selling agent to do our conveyancing in Cowes. We are not happy. Can you help me find new lawyers?
A lawyer would have to be really bad to suggest changing them. Has the loan offer been generated? If so you must advise them of the new conveyancer and have the loan are re-issued. The conveyancer should be on the banks approved list to avoid supplemental fees and delays. That should be your starting point. The find a solicitor tool will help you find a bank approved conveyancer for your home move in Cowes