I am nearing exchange of contracts for my flat in Henley On Thames and the estate agent has just e-mailed to advise that the buyers are swapping conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Henley On Thames ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say 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 are unaware that 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 not going to have any sway in the decision.
Our bank has suggested solicitors on their panel based in Henley On Thames but I would rather instruct a conveyancing lawyer in Henley On Thames local to me. Are you able to assist?
Far from all Henley On Thames conveyancing practitioners are listed all lender’s conveyancing panel. Use our find an approved solicitor tool to find a Henley On Thames conveyancing solicitor on the on the mortgage company panel.
I'm the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Henley On Thames. The Henley On Thames property was put into my name in November. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership will be treated the same way as if I'd bought the house in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation is principally there to pick up on subsales or the flipping of property.
I have a mortgage with Coventry BS for my property in Henley On Thames. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Coventry BS must be informed of your intention before renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let 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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel solicitor.
I was told three weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Henley On Thames is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
My friend advised me that if I am purchasing in Henley On Thames I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Henley On Thames conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Henley On Thames 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 type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information about Henley On Thames.
I'm purchasing a new build house in Henley On Thames with a mortgage from The Royal Bank of Scotland. The developers refused to budge the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my lawyer about the deal as it will adversely affect my loan 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.
Me and my fiance have recently had an offer accepted on a flat and had meeting on Friday with Leeds Building Society for the mortgage. They advised us that when it comes to appointing a conveyancing practitioner that if they are not on their approved panel of property lawyers then we will incur a further fee of £250+. This is is due to the fact that they will then have to appoint a solicitor to act on their behalf in addition to the one we appoint for ourselves and we will be on the hook for their fees. I have requested Leeds Building Society to send me with a list so I can seek quotes only from their approved lawyers but was told they dont have such a list to hand over. What would be the best way of going about this?
You can enquire of Leeds Building Society what their panel criteria is for a conveyancer.Then ask the property lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society in the past. Where the answer to those is yes, then just double check with Leeds Building Society. Alternatively please make use of our search tool and we may be able to find you a property lawyer in Henley On Thames on the approved list for Leeds Building Society.