I am one month into the sale of my flat in Gower and the EA has just text me to warn that the purchasers are switching property lawyer. The excuse is that the lender will only deal with solicitors on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Gower ?
Mortgage companies have always had panels of law firms that can represent them, but in the past 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 blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. The purchasers are unlikely to have any sway in the decision.
We are acquiring our first property. The conveyancing practitioner has messagedto see if we want to order extra conveyancing searches. We are really unsure what's needed for conveyancing in Gower
The type of Gower conveyancing searches should be triggered based entirely on the premises, the location, the probability of any of these risks, your familiarity of the region and risks, your overall approach to risk. What is important is that you adequately understand what information each search could provide. Then you can make a decision if you consider that you need that information. Should you be in doubt, ask the solicitor to guide you.
Have just purchased a repossessed house at auction in Gower. Conveyancing is necessary. What are my next steps?
Having exchanged you now have to hire the services of a conveyancing lawyer soon as you will have a pending deadline in which to complete the property. Every auction property will ordinarily have a corresponding legal set of papers. This will likely include most,if not all of the documents that your conveyancer requires. Where you are dealing with leasehold property the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are organised to complete on the on the contractual date .
Are all Gower Conveyancing Quality Solicitors on the Yorkshire BS conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Gower building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Gower conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their specific requirements. I have no idea who is right.
As long as the lawyer is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 remaining.
I bought my house on 12 November and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Gower expressed confidence that it will be formalised inside ten days. Are transfers in Gower uniquely lengthy to register?
As far as conveyancing in Gower is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ depending on who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. As of today roughly 80% of submission are fully addressed in less than three weeks but some can be subject to protracted delays. Registration occurs once the new owner is living at the property thus an expedited registration is not always top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build house in Gower with a loan from Nationwide Building Society. The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my lawyer about this extras as it would put at risk my mortgage with Nationwide Building Society. Is this normal?.
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 change lawyers as my Gower lawyer is not on the mortgage company's approved list of conveyancing solicitors. Is it practical to instruct different lawyers?
In the event that you have not formally instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Gower that you're considering.