I am in the process of selling my home in Leamouth and the estate agent has just telephoned to warn that the purchasers are appointing a new conveyancer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Leamouth ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, 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 stiffened as a smaller panel is easier to monitor. 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. Plenty of firms 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. Your purchasers are unlikely to have any impact on this.
Would the conveyancing lawyers indexed on your site carry out right to buy conveyancing in Leamouth?
We do have plenty of conveyancing solicitors who can handle right to buy conveyancing work Please contact the lawyers listed to get a costs calculation.
It is 10 years ago since I acquired my home in Leamouth. Conveyancing lawyers have just been appointed on the sale but I can't track down the deeds. Will this cause complications?
You need not be too concerned. First the deeds may be kept by your mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Leamouth relates to registered property but in the rare situation where your property is not registered it is more tricky but is not insurmountable.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Leamouth. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 10/11/2024, the requirements read as follows :
What can a local search tell me about the property my wife and I buying in Leamouth?
Leamouth conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Leamouth conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I'm buying a new build house in Leamouth with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent told me not inform my solicitor about this deal as it could impact my mortgage with the lender. 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.