I am selling my home in Faringdon and the estate agent has just e-mailed to say that the buyers are switching law firm. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Faringdon ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. 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. Your buyers are unlikely to have any sway in the decision.
It is is a decade since I bought my house in Faringdon. Conveyancing solicitors have recently been appointed on the sale but I am unable to track down my title deeds. Will this cause complications?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by your lender or they may stored with the lawyers who acted in your purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Almost all conveyancing in Faringdon involves registered property but in the rare situation where your home is unregistered it is more of a problem but is not insurmountable.
Are the BSA planning on creating a online directory to list firms on the Melton Mowbray Building Society conveyancing panel for example in Faringdon?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
I have been told that property searches are a common reason for hinderance in Faringdon conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Faringdon.
I'm buying a new build house in Faringdon with a loan from Nationwide Building Society. The developers would not budge the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my solicitor about the deal as it may affect my loan with Nationwide Building Society. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Faringdon is the location of the property. What do you suggest?
Flying freeholds in Faringdon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Faringdon 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 Faringdon may ascertain 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.