I am nearing exchange of contracts for my house in East Molesey and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in East Molesey ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – 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 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 purchasers are unlikely to have any impact on this.
Our son is in the process of securing a new build apartment in East Molesey with a home loan from Coventry BS. His conveyancer has advised him of a delay in completing 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 engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My friend suggested that if I am purchasing in East Molesey I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard East Molesey conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about East Molesey around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning East Molesey.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. East Molesey is where the house is located. What do you suggest?
Flying freeholds in East Molesey are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East Molesey you must be sure that your lawyer goes 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 East Molesey 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 residence.
I have been advised by a few estate agents in East Molesey to find a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your services rather than a competitor’s?
We don’t give any financial incentive for directing people our way. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
A couple of months ago I was told by my mortgage company that their panel solicitors operate no sale no fee basis for conveyancing in East Molesey. I had a purchase fall through and now the lawyers want search fees! They are claiming that the fees are independent!
in offering "no sale no fee" East Molesey conveyancing practices are waiving their charges for any work carried out. We should point out that this does not constitute an insurance scheme. you will still need to reimburse any costs that the conveyancing practitioner has outlayed on your behalf such as East Molesey local authority checks