I am five weeks into the sale of my home in Cumbria and the EA has just text me to warn that the buyers are appointing a new solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Cumbria ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 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 buyers are not going to have any sway in the decision.
I had intended to instruct a conveyancing solicitor in Cumbria for our home move. Our broker has since advised us that our mortgage company Santander won't deal with them. Why is this not regarded as unduly restrictive?
Lenders tend to imposes restrictions either the category or the amount of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few banks have decided to limit the amount of solicitor practices they use to represent them. Be aware that Santander have no responsibility for the quality of advice provided by any member of Santander Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there are mixed opinions about the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Cumbria only carry out very few conveyances per annum.
What is your number one tip for choosing a conveyancing solicitor in Cumbria
We would encourage you not to base your choice on the cheapest Cumbria conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am assisting my sister sell her property in Cumbria. Does the solicitor order an EPC or do I organise this?
Following the demise of HIPs, EPC’s was left as a mandatory element of selling a property. An energy assessment should be commissioned before the property is marketed. It is not as aspect of the sale process that lawyers normally arrange. If you are instructing a Cumbria conveyancing practitioner they might help arrange EPC’s due to their relationships with reputable Cumbria providers
I am selling my apartment. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being pedantic. The Cumbria solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB 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 am buying a property and the conveyancer has identified Chancel Repair for which the property could be liable as it falls into the area of such a church. He has mentioned insurance. Is this strictly appropriate for conveyancing in Cumbria
Unless a prior acquisition of the property completed post 12 October 2013 you can expect lawyers carrying out conveyancing in Cumbria to continue to advocate a chancel search and or insurance against a claim.
I am buying my first flat in Cumbria with a loan from Barclays . The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my solicitor about this extras as it may affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 wife and I intend to buy our 1st property in Cumbria. Conveyancing lawyer already selected. The financial consultant advised that a survey is not necessary as the property was only constructed 22 years ago.
At the very least you should order a Home Buyer's Report. Given the property is over 10 years old the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could suffice. They will highlight any obvious problems and recommend further investigation if appropriate. Where there are any indications of material issues seek a full Building Survey from the beginning.