I am in the process of selling my maisonette in Hurstpierpoint and the EA has just telephoned to say that the purchasers are swapping conveyancer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Hurstpierpoint ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. Your purchasers are not going to have any sway in the decision.
Completed the sale of my flat in Hurstpierpoint last September but our buyer keeps e-mailing me to moan that his conveyancer is waiting to hear from mylawyer. What are the post completion sale legalities now that I have sold?
Following your disposal your conveyancer is duty bound to send the transfer deeds and all additional paperwork to the buyer’s lawyers. Where appropriate, your solicitor must also evidence that the mortgage has been paid off to the buyers lawyers. There are no post completion steps specific conveyancing in Hurstpierpoint.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Hurstpierpoint so that I can pop in to their offices if necessary.
Nowadays approved lawyers for banks undertake their work through Royal Mail, e-mail or over the phone. This enables them to conduct the legal work for your home move no matter where you live in England or Wales. However you can check if you have the option of going to the offices of your conveyancing lawyer if you prefer.
Are there restrictive covenants that are commonly identified during conveyancing in Hurstpierpoint?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hurstpierpoint. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Hurstpierpoint benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of extras instead. The property agent advised me not disclose to my solicitor about this side-deal as it would affect my loan with HSBC 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.
I'm converting the mortgage on my current property to a BTL mortgage with Platform Home Loans Ltd and intend to use the remaining equity towards further property. The area we are talking about is Hurstpierpoint. Will your solicitors be able to act for both sets of lenders and tie in the transactions?
Do use our search tool on this site to ensure that the lawyers are on the appropriate lender panels. Assuming that they are the lawyer should be able to connect the two conveyancing matters but you should talk with you conveyancer and communicate your desired outcome and requirements.