Much to our surprise we have been told by our mortgage adviser that my Greasby property lawyer is not on the bank Conveyancing panel. What can I do to be sure that this is correct?
Your first step should be to contact your Greasby lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
I am soon to exchange buying a house in Greasby but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the seller of six thousand pounds by way of a adjustment in the price. This was going to be dealt with as part of a side agreement however RBS will not permit this. Why were they involved?
Your conveyancer that is on the RBS approved list is obliged to advise RBS of any amendments to the purchase price. If you were to refuse your property lawyer to disclose the reduction to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new conveyancer for your conveyancing in Greasby.
We are purchasing a flat in Greasby. It might be a silly question but how we can trust a lawyer? On completion day we will need to put money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I are in the process of viewing apartments in Greasby and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Clydesdale.
It would be sensible to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are getting a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.
Planning on purchasing a flat in Greasby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS 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 Greasby solicitor is on the RBS conveyancing panel.
Various web forums that I have come across warn that are a common reason for obstruction in Greasby house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Greasby.
I am purchasing a new build house in Greasby with a mortgage from Leeds Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my lawyer about the extras as it will impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
My husband and I are purchasing a first floor flat in Greasby. At the point of instructing our solicitor, we were told they were on all mainstream bank panels. The financial adviser contacted us yesterday to advise that they are not on the Lloyds approved list. Should that be true, what should we do? Should we just choose a different property lawyer that is on their approved list or should we pay for separate representation, with Lloyds selecting their own preferred property lawyer.
Where you are acquiring a property requiring a mortgage it is conventional for the purchaser’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should contact Lloyds and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Lloyds's conveyancing panel as you are at liberty to use your preferred Greasby lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.