I am nearing exchange of contracts for my flat in Hainault and the estate agent has just telephoned to advise that the buyers are appointing a new conveyancer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Hainault ?
Lenders 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 more than 15 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 buyers are unlikely to have any sway in the decision.
Do conveyancers request money on account for conveyancing in Hainault?
Where you are retaining lawyers for conveyancing in Hainault your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this will be required immediately before exchange of contracts. Any further balance that is due will be payable a couple of days prior to the completion date.
A relative recommended that if I am buying in Hainault I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Hainault conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Hainault around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Hainault.
Despite weeks of looking the Title Certificate and documents to my home are lost. The lawyers who conducted the conveyancing in Hainault 5 years ago have long since closed. What are my next steps?
These day there are copies made of almost everything, and your solicitor should know exactly where to locate all the suitable paperwork so you can purchase or dispose of your house without a hitch. Where copies can’t be found, your solicitor can put in place insurance or indemnities against future claims on your property.
I am purchasing my first flat in Hainault with a mortgage from Accord Mortgages Ltd. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my conveyancer about this extras as it would affect my loan 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.
Are there any apps to help locate a Hainault law firm on the The Mortgage Works conveyancing panel? I drive a motor bike and am happy to travel upto 20kilometers to meet the conveyancer.
Feel free to make use of the facility on this page. Please pick a mortgage company and your location and you will see a number of Hainault conveyancing lawyers based on proximity. We have listed some Hainault conveyancing firms towards the end of this page and you can call them to verify if they are on the The Mortgage Works approved list