I am selling my flat in Gwernaffield and the EA has just text me to advise that the buyers are changing their conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. Why would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Gwernaffield ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Your purchasers are not going to have any sway in the decision.
How do I find out if the solicitor conducting my conveyancing in Gwernaffield is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Norwich and Peterborough Building Society thus spending £187.00 plus VAT in additional conveyancing fees.
Feel free to make use of the search tool on this web page. Please choose the mortgage company and type ‘Gwernaffield’ or your preferred area and you will discover a number of lawyer located in Gwernaffield or nearest you.
I am the sole beneficiary of my late father’s estate and I have everything in my name now, including the house in Gwernaffield. The Gwernaffield property was put into my name in September. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in September. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view banks take of it, depend on the lender as this clause is primarily there to pick up on the purchase and immediately sell or the flipping of property.
Two weeks ago we had a mortgage agreed in principle with Nottingham. Gwernaffield conveyancing practitioners are chosen. How long does it take for Nottingham to issue the offer to the conveyancing practitioner?
There is no definitive answer here. Have Nottingham conducted the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told two weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Gwernaffield is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am buying a new build house in Gwernaffield with the aid of help to buy. The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not inform my solicitor about this extras as it would 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 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 new on the property ladder - had an offer accepted, yet the property agent advised that the owners will only go ahead if we appoint their preferred solicitors as they are insisting on a ‘quick sale’. We would rather use a local conveyancer who is familiar with conveyancing in Gwernaffield
We suspect that the seller is not behind this request. If they want ‘a quick sale', alienating a genuine buyer is counter productive. Contact the sellers directly and make the point that (a)you are motivated buyers (b)you are ready to go, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you intend to use your own,trusted Gwernaffield conveyancing solicitors - not the ones that will earn their negotiator at the agency a referral fee or meet his conveyancing figures set by HQ.
Can you offer any advice when it comes to choosing a Gwernaffield conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Gwernaffield conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Gwernaffield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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If the firm is not ALEP accredited then why not?
I inherited a basement flat in Gwernaffield, conveyancing formalities finalised March 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Gwernaffield with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2099
You have 74 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.