I am nearing exchange of contracts for my ground floor flat in Farnham Royal and the estate agent has just text me to say that the purchasers are switching solicitor. The reason given is that the bank will only deal with solicitors on their approved list. Why would a big named lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Farnham Royal ?
Banks 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened 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 claims that it is hearing daily from firms that have been removed from panels. Some are unaware that 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 impact on this.
My wife and I are due to exchange on the purchase of a property in Farnham Royal but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the seller of six thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but Virgin Money will not agree to this. Should they have been involved?
The lawyer that is on a Virgin Money conveyancing panel is obliged to advise Virgin Money of any amendments to the purchase price. If you prohibit your conveyancer to report the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new property lawyer for your conveyancing in Farnham Royal.
I purchased a freehold house in Farnham Royal but still invoiced for rent, why is this and what is this?
It is rare for properties in Farnham Royal and has limited impact for conveyancing in Farnham Royal but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My fiance and I are buying a newbuild apartment in Farnham Royal with a homeloan from Birmingham Midshires.We would like to retain our Farnham Royal conveyancing lawyer but Birmingham Midshires informed us she’s not listed on their "panel". We have to appoint a Birmingham Midshires panel solicitor or retain our preferred solicitor and fork out for a Birmingham Midshires panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the Birmingham Midshires approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose 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 lawyer to apply to be on the conveyancing panel for Birmingham Midshires
I am buying my first flat in Farnham Royal with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about the side-deal as it would jeopardize my loan with the lender. Should I keep quiet?.
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.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Farnham Royal. I have discover a web site which appears to be the ideal offering If it is possible to get all the legals done via email that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?