I am not well enough to travel far from Falmouth. Is there a reason why all Falmouth conveyancing practitioners aren't automatically on all bank panels?
A decade ago most banks exhibited an attitude to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, lenders have since looked to extract more data from law firms concerning their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Many law practices have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the lenders set.
It is a dozen years since I bought my house in Falmouth. Conveyancing lawyers have recently been retained on the sale but I can't find my title deeds. Is this a major issue?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by your lender or they may be archived with the solicitor who acted in your purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Falmouth relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
My husband and I wish to acquire a purpose built flat in Falmouth with a homeloan from Britannia.We use our Falmouth conveyancing solicitor but Britannia advised that his firm is not on their "panel". we are left little option but to use a Britannia panel solicitor or keep our preferred solicitor and fork out for a Britannia panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the Britannia approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Britannia
I used Wolstenholmes a few years ago for my conveyancing in Falmouth. Now, I need my documents but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Falmouth of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing my first flat in Falmouth with a mortgage from Accord Mortgages Ltd. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about the extras as it may jeopardize my mortgage with the bank. 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 was advised by a number of property agents in Falmouth to get a quote from a solicitor on your site. What’s the financial advantage for Estate Agents to promote your services over and above a competitor’s?
We don’t offer any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.