I am nearing exchange of contracts for my flat in Fulford and the estate agent has just text me to say that the buyers are appointing a new conveyancer. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Fulford ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions justify this action to a rise in fraud as the reason 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 says 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 not going to have any sway in the decision.
Last March we completed a house move in Fulford. We have noticed several issues with the property which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been conducted for conveyancing in Fulford?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Fulford. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, a property owner completes a form referred to as a Seller’s Property Information Form. answers turns out to be incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Fulford.
When can the exchange of contracts happen for residential conveyancing in Fulford and am I required to be at the solicitors branch?
Where you are round the corner to our conveyancing solicitors in Fulford you are welcome to attend to sign documents. That being said, the firms we recommend provide countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you electronically. The signing of the contract is not the important part. Signing on the dotted line simply enables the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Fulford)to be in the office available at the end of the phone to exchange contracts.
Can I be sure that the Fulford conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Fulford obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your transaction.
Last month we had a mortgage agreed in principle with Coventry BS. Fulford conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
There is no definitive answer here. Have Coventry BS conducted the valuation? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not work out if my lender requires a lease extension. I have called my Fulford building society branch on various occasions and was told it wasn't a problem and they will lend. My Fulford conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
As long as the lawyer is on the mortgage company approved list, they must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing a new build house in Fulford with the aid of help to buy. The builders would not move on the amount so I negotiated £7000 of extras instead. The house builders rep advised me not inform my conveyancer about this deal as it will adversely affect my loan with the bank. 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.
We are a fortnight into a leasehold purchase having been directed to a firm by the high street agent to handle our conveyancing in Fulford. I am not happy. Can you help me find new conveyancers?
They would need to be very poor in order to consider diss instructing them. Has your mortgage been generated? If so you will need to inform them of the new conveyancer and get the mortgage documents are re-sent. Your conveyancer should be on the banks panel to avoid supplemental costs and delays. That should be your starting point. The find a solicitor tool will assist you in finding a lender approved lawyer for your home move in Fulford