I am progressing with the sale of my apartment in Gresford and the EA has just text me to say that the buyers are switching conveyancer. The reason given is that the mortgage company will only engage with solicitors on their approved list. On what basis would a major lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Gresford ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. Plenty of firms 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 unlikely to have any impact on this.
When it comes to lenders such as Kent Reliance, do Gresford property lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I have a mortgage with Co-operative for my property in Gresford. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
Completion of my remortgage has taken place for my property in Gresford. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
We are downsizing from our property in Gresford and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local lawyer would know this is not the case. It does beg the question why the purchasers instructed an online conveyancing outfit rather than a conveyancing solicitor in Gresford. Having lived in Gresford for many years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am purchasing a new build house in Gresford benefiting from help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not to tell my solicitor about the deal as it may adversely affect my loan with the bank. 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 UK Finance website. UK Finance 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 partner has recommend that I instruct his conveyancing solicitors in Gresford. Do I follow his advice?
No doubt it’s preferable to find a conveyancing lawyer is to have feedback from friends or relatives who have previously instructed the solicitor you're are thinking of instructing.
Are there any distinct benefits to instructing a high street property lawyer in Gresford
Many buyers and sellers in Gresford prefer a nearby high street lawyer so that they can attend the lawyer’s offices in the event that they have problems, and to sign paperwork rather than relying on the post.
There is a marginal advantage in selecting a conveyancer local to the house you are buying, due to the knowledge of the area and potential local issues - yet this is debatable. The majority of conveyancers are now online and may be practically anywhere.