I am six weeks into the sale of my ground floor flat in Farnborough and the EA has just called to advise that the purchasers are switching property lawyer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Farnborough ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 unlikely to have any sway in the decision.
My wife and I are due to exchange buying a house in Farnborough but as a result of damage from a small fire at the property I have was able negotiate recompense from the vendor in the sum of six thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of amending the contract yet Clydesdale are not allowing this. Should they have been approached?
The conveyancing practitioner that is on the Clydesdale conveyancing panel is obliged to inform Clydesdale of any amendments to the sale price. If you were to refuse your conveyancer to notify the price change to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancing practitioner for your conveyancing in Farnborough.
Why do I have to pay up front for conveyancing in Farnborough?
Where you are retaining lawyers for conveyancing in Farnborough your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this will be required shortly before exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
I am assisting my aunt sell her flat in Farnborough. Will the conveyancer commission an energy assessment or it is for me to coordinate?
After the demise of HIPs, energy assessments became a mandatory part of moving house. An energy assessment should be to hand before the property is advertised. This is not something that conveyancers ordinarily organise. Where you are using a Farnborough conveyancing solicitor they may be able to arrange energy assessments given their relationships with long established local assessors
This question may be naive but I am new to the house moving as FTB of a ground floor flat in Farnborough. Do I collect the keys to the house on completion from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Farnborough?
On the day of completion you do not need to go to the conveyancers office in Farnborough. Conveyancing lawyers for you will electronically transfer the purchase money to the seller's lawyers, and once they have received this, you should be called to collect the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
Intending to buy a flat in Farnborough. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Farnborough solicitor is on the Nottingham conveyancing panel.
We are intent on selling our house in Farnborough and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used a nationwide conveyancing practice rather than a conveyancing solicitor in Farnborough. We have lived in Farnborough for 4 years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I'm purchasing my first flat in Farnborough with the aid of help to buy. The sellers would not move on the price so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about the extras as it would put at risk my mortgage with Nottingham Building Society. 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.