Am I correct in assuming that the fact that my conveyancer in Gateshead is not identified on my lender's solicitor panel that there is a problem with the quality of his conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Gateshead conveyancing practice and ask them why they are no longer on the approved list for your bank.
The property market in Gateshead is heating up. What can I do to quicken up the conveyancing process?
In a situation where you are under a tight deadline for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will benefit local connections and intelligence. It is possible that they could have transacted otherhouses in the same neighbourhood. You would be best advised to use a Gateshead conveyancing lawyer. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that 18% of Gateshead conveyancing transactions are held up or derailed after finding out that a buyer’s solicitor was not on their banks list of approved solicitors. This can often result in the transaction being frustrated by almost 21 days. It is claimed that this issue affects approximately one hundred thousand home sales annually. Most Gateshead conveyancing firms can not represent certain lenders so do check at the outset.
What happens if my lawyer’s firm is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Gateshead?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am purchasing a new build house in Gateshead with a loan from Alliance & Leicester . The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my conveyancer about the deal as it would impact 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.
Due to the guidance of my in-laws I had a survey completed on a property in Gateshead ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to give a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gateshead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Gateshead to see if the conveyancing will be more expensive.
I see that you have a search directory listing solicitors on the lender conveyancing panel. Do Gateshead conveyancing companies pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Gateshead.